AAPL generated a negative reversal week, having gone above the previous week's high, below the previous week's low and closing in the red and in the lower half of the week's trading range, suggesting further downside below last week's low at 142.28 will be seen this week. The stock is now showing a bearish inverted flag formation with the flagpole being the 2-week drop from 155.98 to 142.20 and the flag the action seen the past 3 weeks back up to 148.28. A break below the bottom of the flag at 142.20 will offer an objective of 134.50. To the downside and on an intra-week basis, there is minor support at 142.20, at 140.06, and at 138.62. Below that level though, there is no support until the previous all-time weekly closing high at 132.64 is reached. Using the daily chart, the same intra-week supports are found with one additional one at 137.05. Nonetheless, a break of the 140.06-142.20 support area does open the door for a drop down to the 200-day MA, currently at 130.00, meaning that if the flag formation objective is to be fulfilled, on an intra-week basis the stock could get all the way down to 130.00 without finding the kind of support that would generate a decent bounce. To the upside, the 148.28 level is now considered decent and pivotal resistance. Probabilities strongly favor the bears.

ARNA generated the first buy signal of consequence on the weekly chart since November 2014, having closed on Friday above the high weekly close for the past 8-months at 16.40 (closed at 16.87). The stock closed near the highs of the week and further upside above last week's high at 17.37 is expected to be seen. In addition and as an added positive, the stock did retest successfully the 200-day MA, currently at 14.80, having closed at 14.88 a week ago Friday and closing above that level all 5 days last week, meaning that the break of that line is now confirmed. Above the high seen 2 weeks ago at 17.75, there is resistance at 19.20, at 20.60 and at 21.60. Above that level, there is further resistance at 24.50 and at 26.82. Nonetheless and going back 9 years and using the weekly closing chart, the 2 resistance levels that stand out are at 21.60 and at 24.60, with the first being 2 previous high weekly closes seen in January 2011 and again in November 2015 and the 24.60 level being a major low weekly close seen in April 2009. These levels are not likely to get broken without some additional positive news. Citigroup started coverage this past week with a buy rating and a $23 objective that fits in well with the chart picture. To the downside, any intra-week move below 14.54 would now be considered a negative. Probabilities favor the bulls this week. CLB generated a green weekly close that made the previous week's close at 98.23 into a successful retest of the October low weekly close at 97.34. In addition, the stock is now showing a 4-point uptrend that started in January 2015 with a low weekly close at 92.75, which was then followed by a January 2016 low weekly close at 95.27 and the October 9734 low weekly close and the close 2 weeks ago. The 4-point trend line offers the bulls a viable and dependable support line that should not be broken without a negative change of fundamentals. The stock closed on the highs of the week, suggesting further upside above last week's high at 101.95 will be seen this week. To the upside and on an intra-week basis, there is minor resistance between 104.93 and 105.33, a little bit stronger between 106.62 and 106.99 and then decent as well as pivotal at 109.71. Intraweek support is now found at 99.37 and pivotal at 97.79. The chart suggests that the worst of the recent correction from 109.71 is over and that the stock is likely to be working higher toward the 107.00 level. Probabilities favor the bulls.

CLF continued its recovery, having made another green weekly close and closing slightly in the upper half of the week's trading range, suggesting further upside above last week's high at 7.20 will be seen this week. Intraweek resistance is found at 7.39 and then nothing until minor to perhaps decent resistance is found at 8.45. On a daily closing basis though, the 200-day MA, currently at 7.75 will be a tough nut to crack as the stock has traded below that line since March 12th and the line has proven in the past that it is a MA that is followed closely by the traders. Intra-week support is now found at 6.66 that has a decent probability of holding up on any dips. Probabilities favor the bulls this week with perhaps a 6.66 to 7.39 trading range. Reaching higher levels, such as the 200-day MA or the resistance at 8.45 should take 1-3 weeks to achieve.

ENG confirmed the previous week's positive reversal, having generated a higher high and another green close this past week. In addition, a small buy signal was generated on the weekly closing chart, having closed above the previous high weekly close at 1.24. The stock closed in the upper half of the week's trading range, suggesting further upside above last week's high at 1.39 will be seen this week. Nonetheless, in spite of the positive stated above, the bulls failed to generate a close above the 1.29-1.31 weekly close resistance level that has been pivotal since October 2014, meaning that questions about a recovery rally having started remain unanswered. On another possible positive note, the stock has built a bullish flag formation on the daily chart with the flagpole being the 5-day rally from 1.06 to 1.39 and the flag the trading range down to 1.23 seen over the past 4 days. A break above 1.39 would offer an objective of 1.56. Intra-week resistance of some consequence is found between 1.35 and 1.39 but it is resistance that is now considered multiple highs as there are 4 highs at that price seen over the past 3 weeks, suggesting that they will get broken. Above that level, there is no resistance of consequence until 1.55-1.58 is reached. Support is now found at 1.23, at 1.20 and at 1.17. Probabilities now favor the bulls for a rally with an objective of 1.58 to as high as 1.64, which is where the 200-week MA is currently located.

FCEL made another new 9-week high this past week as the stock continued to inch up into the gap between 1.55 and 1.20 that was made after the last earnings report, with the stock having gotten up to 1.40 this past week. Nonetheless, it does look like the bears got back involved in shorting the stock as it closed on the lows of the week and further downside below last week's low at 1.20 is expected to be seen this week. By the same token, the stock has not yet had a retest of the most recent low at .95 or another retest of the all-time low at .80 and after 6 weeks of higher lows than the previous week and 5 green weekly closes and 1 unchanged weekly close, it is likely that the traders are looking to find another and closer support level from which to attempt higher prices and a close of the gap, which would be a bullish statement. On a daily closing basis, support is found at 1.12, which was the daily closing high for 6 weeks (between May 5th and June 22) and when broken generated the rally up to 1.40. As such, that level should now be support. Probabilities favor the bears this week but overall it does seem that a strong support base is being built and from which in the near future the bulls will be successful in rallying the stock.

KO made a new 6-week intraweek and weekly closing low on Friday and in the process generated a confirmed strong sell signal on the daily closing chart, having broken a decent daily close support at 45.03 on Thursday and confirming it on Friday with another close below that level. The stock closed on the lows of the week and further downside below last week's low at 44.65 is expected to be seen. The next intra-week support level is found at 43.94, then a bit stronger at 43.13 and then a bit stronger again at 42.87. To the upside, resistance is now found at 45.51 that if broken would negate the break seen this past week, meaning that the stop loss can now be lowered to 45.61. Probabilities favor the bears and a drop down to the 43.94 level this week.

MNK generated a negative reversal week, having made a new 7 week high and then closing in the red and near the lows of the week suggesting further downside below last week's low at 44.03 Intraweek support is found at 43.67, at 43.25, and then possibly short-term pivotal at 42.77. Below that level, there is decent support on the weekly chart at 41.57. The stock has not yet retested successfully the double bottom at 38.81/38.80 and the move down this past week is likely to become that required/needed retest. Weekly chart suggests that a drop all the way down to 41.57 could be seen but then again with the stock being one of the high Sharpe stocks that Goldman Sachs is recommending and having given a strong failure signal off of the all-time lows made in June, it is more likely that strength rather than weakness will be seen, meaning that the weekly close support at 43.09 is not likely to be broken.

ORLY made a new 26-month intra-week and weekly closing low this past week and closed near the lows of the week, suggesting further downside below last week's low at 215.75 will be seen this week. Nonetheless, the stock did get down to the 200-week MA, currently at 216.00, which is a line that has not been broken or even tested for the past 8 years, suggesting that a bounce should be seen from this level. In fact, the stock did bounce on Friday, having rallied $3.73 from Thursday's low and closing on the high of the day, suggesting further upside above Friday's high at 219.48 will be the first course of action for the week. To the upside, intra-week resistance is found at 225.30 that if broken would suggest the stock will rally to the weekly close support at 232.16 that when broken generated the move down to this level. Probabilities favor the bulls for a green close next Friday.

RIG generated a non-eventful inside week, having trade above the previous week's low and below the previous week's high. The stock did close in the green but did not negate the previous week's new all-time weekly closing low, meaning that the bears are still in control but that the selling interest is waning, likely because oil had a positive week. The stock did close slightly in the lower half of the week's trading range, suggesting further downside below last week's low at 8.01 will be seen this week. By the same token, the double bottom at 7.66/7.676 on the intra-week chart has not yet had a successful retest of it, meaning that if the stock does go below last week's low that it could turn into the required/needed retest that if successful would likely bring about a short covering rally. Any weekly close above 8.33 would generate a failure signal against the bears. Intra-day support is found at 7.85. Minor intra-week resistance is now found at 8.55 and likely pivotal at 9.22. Nonetheless, any daily close above 8.84 would also give a failure signal against the bears on the daily chart. Probabilities favor the bears at the beginning of the week for a drop down to 7.85 but likely favors them for the end of the week for a green weekly close.

X generated a negative reversal week, having made a new 9-week high and then closing in the red and in the lower half of the week's trading range, suggesting further downside below last week's low at 21.46 will be seen this week. The stock did get close to the 200-week MA, currently at 23.55 with a high this past week at 23.30, meaning that it is possible that the line has now been retested successfully and that the bears will now once again exert new selling pressure. There is no intra-week support until very minor support is found at 20.79 and then a bit stronger and more indicative at 20.13. Nonetheless, a daily close below 21.57 would stunt the momentum that the bulls have recently achieved as it would generate a short-term sell signal, which is not something that has occurred since the 20.13 close seen on June 16th that was negated the following day. The negative reversal week and the possible successful retest of the 200-week MA does give the edge back to the bears with the question being asked now is "whether the stock will resume the downtrend or is in the base building process.