Play The Channel Breakout In These Two Set-Ups

Technical Breakout Trader

Play The Channel Breakout In These Two Set-Ups

By Zack Armstrong — Author

Madison Square Garden (MSG)

See the analysis here; http://www.benzinga.com/trading-ideas/long-ideas/13/04/3526369/trade-the-channel-breakout-in-madison-square-garden

United Rentals (URI)

Weekly- Stalling out over the past 3 months between $55 and $50. If $50 breaks down, the 50 EMA weekly support could come into play, if not lower. On a breakout above $55 would mean new highs so the sky is the limit.

Daily- Gives us a clearer picture of the channel with $56 as resistance and $50 support. 20 EMA is rolling lower into the 50 EMA which is bearish. The MACD and RSI are both also in bearish territory. My bet would be this is going lower, but will let the price action decide!

Posted to Technical Breakout Trader on Apr 25, 2013 — 2:04 PM

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{[comment.author.username]} {[comment.author.username]} — Marketfy Staff — Maven — Member

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