In life there is always a but and although Ciena is a downtrending stock on the lower timeframe, the weekly larger timeframe suggest otherwise. First, the uptrend line is still intact and the demand zone level confluence with the 88.6% Fib retracement level of the immediate range. Therefore have patient and wait for the market to unfold itself =)
United Parcel may be entering into a phase of correction as the signs are aligned for the bears.
First up, the long legged doji at the supply zone is a sign. Sellers may be kicking in in large numbers tonight.
Rising Wedge formation.
Potential overbought crossing
The buying gap is still hollow, perhaps price may stage a strong rebound there.
Both the demand Zone and supply zone are cleary marked out and with the long legged doji in action, there might be a potential eveining star formation.
Also, the strong demand zone confluence with the 78.6% of the fibonacci level.
LMT has been a raging bull for a period of time and based on the technicals, the stock is believed to be heading into a bearish correction towards the indicated support level.
-Rising wedge formation
- Bearish engulfing at the TOP of the trend
- Stochastic overbought
- RSI bearish divergence
Apple has been range bound for the whole of August and now the 4hr chart suggest a strong indication of selling as the stock is near the suppy zone at 78.6% of the Fibonacci area. Also, the falling wedge suggest a strong reversal signal.
Classic Dow theory suggest a downtrend ahead and the outlook may look gloomy as the Transportation has not been making new highs and instead it makes new low. Beside that, there is a high probability that the transportation will break the diamond top pattern.