Liable to Bounce

If you're looking for a bounce, you have to know where to look. Technical bounces occur at previous levels of resistance turned support, trendlines, Fibonacci retracement levels and retests of key moving averages. The 21-day and 50-day moving averages reflect short- and intermediate-term trends, and they often constitute areas that see reversal moves or short-term bounces in a stock.

FedEx (FDX), Skyworks Solutions (SWKS) -- Daily Source: StockCharts.com View Chart » View in New Window »

FedEx (FDX) and chipmaker Skyworks Solutions (SWKS) are two stocks that are holding above their respective 21-day averages, and within well-defined consolidation patterns. The daily chart shows FedEx trading in a small rising-wedge formation, which could be part of a larger pennant pattern. Shares are currently testing wedge resistance, and the larger pattern projects a target price that would take the stock back up to its 2007 highs....302 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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