As the market sells off, here are some charts that could continue lower: Advanced Energy Industries, Sun Hyrdaulics and Albemarle. Harry Boxer is the founder of TheTechTrader.com, a live trading room with his stock picks, technical analysis, and live charts.
Advanced Energy Industries, Inc. (AEIS) declined by 38 cents and closed at $66.32 on 334,100 shares traded and no news Wednesday. Price began to break down from a bear flag, failing to close above the right edge of the flag at $67. The power tech company’s CFO resigned on January 26. The value of the stock has depreciated by near 30% since October 30. Next target: $57.
Sun Hydraulics Corporation (SNHY) went down $1.83, closing at $51.92 on 627,300 shares traded Wednesday. The stock looks done with its climb up to $70 over the last several months, having rolled over on January 30 into a month-long bear flag consolidation that broke further down this week. The move followed the fluid power manufacturing company's quarterly earnings announcement on Tuesday. If the stock cannot stay above support at about $44.50, $41 may not be far behind.
Albemarle Corporation (ALB) suffered a massive drop, losing about 10%, or $11.14, to close at $100.43 on very heavy volume of 6.7 million shares traded Wednesday. The move down came with news that Morgan Stanley downgraded the chemicals stock. Price has dropped down below a bear wedge consolidation that had formed during February. The stock has lost 30% of its value since November 8. Next target: $95.
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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
