ARNA generated another green weekly close, confirming the previous week's break above the high weekly close for the past 8 months at 16.40. The stock closed on the highs of the week and further upside above last week's high at 19.91 is expected to be seen. Minor to perhaps decent intra-week resistance is found at 20.60 and then nothing until decent at 21.60. Above 21.60, there is no resistance until minor to decent resistance is found at 24.50 and then decent between 26.17 and 26.80. On a weekly closing basis, there is clear resistance at the $20 demilitarized zone with previous closes over the past 20 months at 19.70, at 19.80 and at 19.90, meaning that this area will not be easy to break but likely to be broken because of the multiple closes there. JPM chimed in this past week with a buy recommendation that offers a $27 objective. JPM is the 4th company in the last 3 weeks that has started coverage of the stock with a buy rating. So far the 4 companies giving buy ratings have offered a $50, $40, $23 and $27 upside objective. Intra-week support is now found at 17.30 at 16.00 and pivotal at 14.70. The rally is also supported by the fact that the volume for the past 2 weeks has been the highest seen since January 2015. Probabilities favor the bulls. Nonetheless, given the strong rally seen this past week, it is now unlikely that the bears will be able to push the stock below the 17.00-17.30 level, much less give a failure signal with a weekly close below 16.40. Probabilities favor the bulls.

CLB announced an unexpected dividend payout this week and in spite of oil heading lower, the stock headed higher. Nonetheless, it must be stated that the bears had been unable to get below last week's low before the announcement was made on Thursday, likely meaning that the previous week's support at 97.79 will be depended upon by the traders. The stock closed near the highs of the week, suggesting further upside above last week's high at 104.46 will be seen this week. Minor intra-week resistance is found at 104.93 and then nothing until minor again between 106.61 and 106.99. Decent resistance is found at the $110 demilitarized zone. Minor to decent and perhaps even short-term pivotal support is now found at 102.50. Below that level, there is support at 100.96 and then nothing until 99.31. The weekly closing chart is now more clearly defined with pivotal support at 98.23 and semi-pivotal resistance at 108.67. For now though, and while oil continues to trade sideways, the probabilities favor the stock trading that $10 range.

CLF generated another green weekly close, the 3rd in a row and closed on the highs of the week, suggesting further upside above last week's high at 7.20 will be seen this week. It is evident that the selling interest seen between February and May has ebbed substantially as the stock has not had 3 weeks in a row of green weekly closes since November of last year and that ultimately was the rally that took the stock to 12.70. Based on that rally, it does seem like this rally is targeting the 200-week MA, currently at 9.50. to be reached sometime over the next 6-8 weeks. 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. The key issue for this week is the resistance at 7.39. If that resistance gets broken, a rally up to at least 7.75 is likely to be seen. Support this week is found at 6.88. If broken, a drop down to 6.66 is likely to be seen.

ENG generated a red weekly close, making the previous week's close at 1.29 into a successful retest of that pivotal area that has been pivotal since October 2014. The stock closed on the lower half of the week's trading range, suggesting further downside below last week's low at 1.20 is likely to be seen this week. Nonetheless, the stock seems to be presently stuck between 1.16 and 1.29 and unlikely to break out of that trading range this coming week. On a 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 1.20 seen over the past 4 days. A break above 1.39 would offer an objective of 1.53. 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 1.20 and at 1.16.

FCEL generated an uneventful week and a close on the middle of the week's trading range, suggesting more of the same will be seen this week. The stock has traded mainly between 1.20 and 1.30 for the past 2 weeks and the probabilities favor that scenario occurring again this week.

GS made a new 13-week intraweek high and a new 9-week weekly closing high but the bulls were unable to negate the bearish inverted flag formation or generate an indicative bullish weekly close, having failed to generate a weekly close above 226.87 in spite of trading above that level every day this past week. The stock closed in the lower half of the week's trading range, suggesting further downside below last week's low at 223.42 will be seen this week. Intraweek resistance is minor to perhaps decent between 226.80 and 227.04 and again between 228.79 and 229.07. Above that level, likely pivotal resistance is found at last week's high at 230.06. To the downside, minor to perhaps decent support is found between 221.13 and 221.54 that includes the 200-day MA, currently at 221.25. The company reports earnings on Tuesday, July 18th and the probabilities favor the stock trading between $221 and $227 this week. Overall, the chart remains with a bearish chart formation that offers a $184 downside target (off of the flag), which also fits in well with the 200-week MA, currently at $185.

KO made a new 6-week intraweek and weekly closing low and closed on the lows of the week, suggesting further downside below last week's low at 44.24 will be seen this week. In addition, a failure signal was given, having closed below the previous all-time high weekly close from November 2014 at 44.83. On an intra-week basis, there are 3 support levels the traders will key on at 43.94 and 43.31 and at 42.87. It is likely that one of those support levels will hold up and the stock generate a rally back up to 45.00. As such, consideration should be given to taking profits should that support area be reached. Then again, the chart suggests that over the next 8-10 weeks, the stock is likely to get down to the $40 level that is considered a strong support area. Simply stated, the stock is likely to be in a trading range between $40 and $45 for the next 3 months or longer. A big key this week will be where the stock closes next Friday. A weekly close below 43.94 would likely weaken the chart sufficiently for the bears to attempt to take the stock down to the 200-week MA, currently at 41.80. Probabilities favor the bears this week but any drop down to somewhere between 42.87 and 43.94 should be considered for taking profits.

MNK confirmed the previous week's negative reversal with a second red weekly close on Friday. The stock closed on the lows of the week and further downside below last week's low at 42.00 is expected to be seen this week. Intraweek support of some importance is found at 41.57 that should be considered a buying or adding opportunity as the stock seems to have found a bottom when the stock dropped down to 38.80, which has now become a double bottom as well as a failure signal against the bears, suggesting that there will be strong buying on dips down to the 41.00-41.67 level which was the original low when stock started trading back in July 2013. The double bottom had not yet been tested successfully and this drop should end up being that retest. Probabilities favor a positive reversal week, with the stock dropping down intra-week to somewhere between 41.00 and 41.67 and then closing in the green next Friday.

RIG generated a negative reversal week, having made a new 3-week high and then closing below the previous week's low. The stock closed near the lows of the week and further downside below last week's low at 7.72 is expected to be seen. The all-time intra-week low is at 7.66 and there is presently a double bottom at that level, meaning that if the stock does get below last week's low that a new all-time intraweek low will be made. If that occurs, the close next Friday would become important as another red weekly close would likely bring in new selling interest. The drop in oil prices was the culprit for the drop in the stock and the oil chart does suggest that this is a pivotal week for oil, meaning that oil is also likely to go below last week's low but generate a green weekly close next Friday. Pivotal resistance is now found at last week's high at 8.88, especially considering that 8.84 is a previous low daily close of consequence. A close above that level would generate a failure signal in favor of the bulls.

VHC generated a positive reversal week, having made a new 5-week low and then closing in the green. The stock closed on the highs of the week and further upside above last week's high at 4.65 is expected to be seen this week. Minor intraweek resistance is found between 4.95 and 5.00, a tad bit stronger at 5.15 and minor to perhaps decent at 5.40. Intra-week support is minor but likely short-term pivotal at 5.30. The stock is showing a bullish flag formation with the flagpole being the rally from 3.35 to 5.40 and the flag the recent trading down to 4.30. Objective of the flag if broken (rally above 5.40) would 6.35, which also represents the next intraweek resistance on the chart. Probabilities favor the bulls.

X confirmed last week's successful retest of the 200-week MA, having generated further intraweek downside as well as a second red weekly close. The stock closed very slightly in the lower half of the week's trading range, suggesting further downside below last week's low at 20.67 will be seen this week. Nonetheless, the action being seen does not give the bears any new edge, meaning that the stock is likely backing and filling while trying to build a support base from which to attempt to end the downtrend. Intraweek support of some consequence is found at 20.13 Probabilities favor another somewhat uneventful week with a trading range perhaps between 20.30 and 22.00 but with a green weekly close next Friday.