{"id":58402,"date":"2011-07-05T11:31:39","date_gmt":"2011-07-05T01:31:39","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2011\/07\/05\/techwizard-identifies-stocks-poised-for-weakness\/"},"modified":"2011-07-05T11:31:39","modified_gmt":"2011-07-05T01:31:39","slug":"techwizard-identifies-stocks-poised-for-weakness","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2011\/07\/05\/techwizard-identifies-stocks-poised-for-weakness\/","title":{"rendered":"TechWizard Identifies Stocks Poised For Weakness"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tWhile overall confidence seems to be building that equities are preparing for a break-out to the upside, which would be a nice change given the dreadful side-ways correction since late April, the TechWizard reports he has identified several stocks that look poised to head lower (not higher) in the short to medium term.<\/p>\n<p>\n\tHis observation falls in line with observations elsewhere that recent gains in the US seemed more supported by short covering than from renewed buying by investors on the sidelines.<\/p>\n<p>\n\tStocks identified by the TechWizard include Paladin Energy ((PDN)), Newcrest ((NCM)), Origin Energy ((ORG)) and Santos ((STO)).<\/p>\n<p>\n\tConcerning Paladin, the TechWizard observes the shares have pulled back to the 20 moving average (M\/A) and the MACD indicator is bearish. A close below the 20M\/A will simply attract more selling, he predicts.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/Paladin_Wizard.jpg\" style=\"width: 670px;height: 398px\" \/><\/p>\n<p>\n\tNewcrest shares have managed to climb back above the 20M\/A, reports the Wizard, but the MACD indicator remains bearish. Last time this happened, in May, the shares fell back below the 20M\/A and this brought out the sellers, driving the share price to a new low, he points out.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/NCM_Wizard.jpg\" style=\"width: 670px;height: 398px\" \/><\/p>\n<p>\n\tFor Origin Energy, the technical picture looks similar as for Newcrest. The Wizard predicts we might see a short-squeeze rally, but then lower prices should be expected.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/ORG_Wizard.jpg\" style=\"width: 670px;height: 398px\" \/><\/p>\n<p>\n\tThe technical outlook, and his view, for Santos is similar as for Newcrest and Origin.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/STO_Wizard.jpg\" style=\"width: 670px;height: 398px\" \/><\/p>\n<p>\n\tThe TechWizard has notified us he at present does not own any shares in any of the companies involved.<\/p>\n<p>\n\tThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard&#039;s, not FNArena&#039;s (see our disclaimer).<\/p>\n<p>\n\t<strong>Technical limitations<\/strong><\/p>\n<p>\n\t<strong><span style=\"font-style: italic\">If you are reading this story through a third party distribution channel and you cannot see charts includ<em>ed<\/em><\/span><em>, we <span>apologise<\/span>, but technical limitations are to blame.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The TechWizard has identified four stocks he believes are poised for more weakness.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/58402"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=58402"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/58402\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=58402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=58402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=58402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}