Tuesday, January 06, 2009

Daily Range Contraction - Follow Up

Last night I posted a mystery chart (FDX) that had a range contraction (RC) setup coming into today. FDX did not exhibit intra-day price action that was worth trading today. However, FDX is still a good RC setup (see daily chart below) and will remain on my focus list. In fact, FDX currently has one of the lowest RC indicator values across the stocks that I scan.


Other charts from my daily RC list did exhibit tradable action today. The first chart below shows the daily RC setup on PRU. The second chart shows PRU's 15m intra-day chart. I missed the BO within the first 15 minutes, but caught the bull flag.



Traders really enjoy unknowns. So, here is another mystery chart from my daily RC list. Notice the 3-day box setup which has taken the RC indicator back down to a low level...

6 comments:

Jamie said...

Hey Jim,

Mystery indeed. I ran a few scans and couldn't come up with anything. Is this a stock or an ETF?

...2RT said...

I think this is JOYG...

ZBS said...

ZION is the stock

Jamie said...

2RT,

JOYG is a good guess, but since JOYG tagged $28.00 today, it's not the mystery chart. But when you mentioned JOYG, I decided to go through all my sector short lists and I think I found it - ZION.

Jamie said...

Congrats ZBS,

You beat me to it by 1 minute!

Jim said...

ZBS & Jamie,

Nice job. Perhaps removing the volume makes it slightly more challenging... not to mention the smiley face distraction :)