After steady selling through most of the day today, a broader selection of charts look good for short sales. Running through sectors, I was struck by the number of setups in the telecommunications and wireless sectors. In each case we have a rally off of the low that failed at significant resistance. The consistency of the pattern suggests that sector stocks will have trouble moving higher from this level.
- MBT moved lower today on high volume, and has resistance in the 50.00 area.
- CHL failed to get through a trendline and descending 50 day moving average.
- MICC sold off after earnings in late October. It has since rallied, and today fell back from the point of the prior breakdown.
- VOD is in a clear downtrend.
- VIP dropped back below the descending 50 day moving average today, closing today at 15.58. The October low is 6.39.
- BTM has a double top in the 19.50 area.
Others to watch are DT, USM, TKC, TDS, PCS, NTT, PTNR, and CEL.
I plan to have additional charts posted by early Thursday morning.
