Stock Chart Monday CAAS, BAC, CAT, SLB

Here are a couple charts from some of the stocks I’ve mentioned over the past couple of weeks. Especially in this market, remember to keep your stops tight, as all it takes is a bad sentence to bring the market down.

Bank of America (BAC) – Last week we talked about giving this stock a little time to let the pattern fully develop. Well, we are now start to see those signs of a breakout occurring (slowly though). You could either buy now or wait for further confirmation; however, just make sure the stock stays above the old resistance turned new support.

China Automotive Systems (CAAS) – Last week we were waiting for this stock to separate itself from the 50-day moving average. After flirting around with it for a couple of days, we may have gotten the jolt needed. Keep the 2 possible targets in mind along with the stop point.

Caterpillar (CAT) – This stock has somewhat moved symmetrically along the 50-day moving average, and now sits right in the middle. Basically this stock could move either way, and, with the way it tends to moves, this stock should make huge swings.

Schlumberger (SLB) – During the middle of last week, Schlumberger bought Smith International, which represents the huge price drop. It seems like the 200-day moving average has held. If this is the case, then we should see another huge move higher to bring this stock back up into the mid-60′s.