ARNA made a new 22-month intraweek and weekly closing high this past week and closed in the upper half of the week's trading range, suggesting further upside above last week's high at 27.86 will be seen this week. Nonetheless, the close on Friday below 24.60 (a level that has been pivotal support/resistance on 3 occasions since 2009) left questions unanswered, meaning that further upside is not a high probability yet. The big question is the new offering at $24 that came out the day after the news that one of its drugs generated a successful Phase ll study. The dilution of the shares on top of the reverse split that happened a couple of weeks ago is something the traders must still ponder upon and decide how much it impacts the future price of the stock. To the upside and on an intra-week basis, there is minor resistance at 29.86 and then nothing until 34.70. To the downside and on an intra-week basis, there minor support at 23.00 and minor to perhaps decent at 20.00. The probabilities favor the bulls but volatility is likely to be seen. Possible trading range for the week could be as much as 20.00 to the downside and as much as 34.70 to the upside. Nonetheless, the probable upside target for this week is likely to be 29.85. As far as the downside target, I have no clear picture other than the $20 level should not be broken. It does need to be mentioned that the 200-week MA is currently at 33.70 and it is unlikely that level will be broken on a weekly closing basis without further positive fundamental news. Probabilities slightly favor the bulls.

CLB 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 106.63 will be seen this week. On an intra-week basis, there is decent resistance at the 2-month double high at 109.82/109.67 (108.67/108.37 on a daily closing basis). To the downside, there is now minor to perhaps decent intra-week support at 102.50. The big question is oil. If oil continues higher to 48.75, as the chart suggests that it will, the probabilities of the stock breaking that double high resistance and getting up to the 200-day MA, currently at 111.15, will be high. The stock should get up to at least the 108.37 level this week. Any further upside will likely depend on oil. Consideration should be given to taking profits somewhere between 108.50 and 111.00. The 102.50 level should now be support.

CLF made a new 3-month intra-week and weekly closing high and closed near the highs of the week, suggesting further upside above last week's high at 7.58 will be seen this week. Nonetheless, the stock has reached the first level of weekly close resistance of importance given that the 50-week MA is currently at 7.50 and over the past 10 years that MA line has proven to be as or more important than the 200-week MA. On an intra-week basis though, there is no resistance above until minor at 7.85 and decent at 8.45 (8.11 on a weekly closing basis). The 200-day MA is currently at 7.80 and that line is likely to be reached but will also offer resistance of some consequence, at least on a daily closing basis. On a positive note, the stock is showing a bullish flag formation with the flagpole being the rally from 6.45 to 7.58 and the flag the trading range the past 3 days down to 7.11. A break above the top of the flag will offer an upside objective of 8.14. The chart is favoring the bulls but this area between 7.50 and 8.11 (based on a weekly close) is one of importance and therefore needs to be watched closely. A break of the flag, especially a break below 7.00, would now be seen as a negative of consequence. A red weekly close next Friday would also be considered slightly negative.

ENG generated a second red weekly close and a close on the lows of the week, suggesting further downside below last week's low at 1.15 will be seen this week. Nonetheless, the bulls were able to close the stock above the 13-month low weekly close at 1.15, meaning that a green close next Friday would give the bulls some new ammunition. As it is, this recent weakness could end up being just the necessary/required retest of the recent 1.06 intraweek low, meaning that the weakness being seen after failing to generate a weekly close above 1.29/1.31 may be more technical in nature than fundamental. There is fair intra-week support at 1.15, meaning that if the bears are unable to break that level this coming week that it would be seen as a decent positive, especially considering that the probabilities favor that level breaking. Below 1.15 there is no intra-week support until 1.07. Intra-week resistance remains minor at 1.39 but decent on a weekly closing basis at 1.29/1.31. Probabilities slightly favor the bears this week.

FCEL generated the 8th week in a row of green weekly closes, which is something that has not happened since February 2012. Nonetheless and on a possibly negative note, the stock has only appreciated 35% in value, compared to 2012 where it appreciated 45% in value, meaning that the amount of green weekly closes is not yet all that indicative. The stock did close once again near the highs of the week, suggesting further upside above last week's high at 1.45 is expected to be seen this week. With the gap being at 1.55 and the stock now into the gap for the past 15 trading days, the possibilities of the gap being closed this week have increased exponentially. Closure of the gap would be a positive statement by the bulls. Short-term pivotal resistance is found at 1.70 and decent as well as longer-term pivotal at 1.97/2.05. Support is now short-term pivotal at 1.18. Probabilities favor the bulls.

GS generated a buy signal on the weekly closing chart, having made a new 15-week weekly closing high, above the 3 previous high weekly closes at 222.44, 223.53, and 226.87. The stock closed in the upper half of the week's trading range, suggesting further upside above last week's high at 230.64 will be seen this week. Nonetheless and on a possible negative note, the company reports earnings on Tuesday morning and given that the buy signal needs to be confirmed this week with another green weekly close above 226.87 next Friday, the bears still have a chance of negating the buy signal if the report does not fulfill expectations. As it is, C, JPM, and WFC reported earnings on Friday and though they were as expected or better, the stocks generated a negative red daily and weekly close, meaning that the bulls in GS have to hope that the same does not occur to them. It should also be mentioned that the bearish flag formation on the intraweek chart has not yet been negated as the stock needs to get above 232.89 to negate it. As such, it can still be said that the chart favors the bears overall. On an intraweek basis, pivotal support is now found at 223.96 that if broken would give the short-term edge back to the bears. Nonetheless, the bears still need to close below the 200-day MA, currently at 221.50, to make a strong statement. Probabilities very slightly favor the bears.

KO generated a positive reversal week, having made a new 7-week low at 44.15 and then closing in the green and near the highs of the week, suggesting further upside above last week's high at 44.77 will be seen this week. Decent intraweek resistance is found between 44.87 and 45.00 that is unlikely to be broken before the earnings report on July 26th. The stock now shows intra-week support at 44.37 and then at 44.15. Probabilities favor the stock trading between 45.00 and 44.25 until the earnings report comes out. Nonetheless, if the report is not bullish enough to give the bulls new ammunition and a break above 45.00, the monthly chart suggests that a drop down to 42.87 or even as low as 40.75 could be seen over the next 1-2 months. Probabilities continue to overall favor the bears though this week should favor the bulls slightly.

MNK generated a positive reversal week, having made a new 3-week low and then closing in the green and near the highs of the week, suggesting further upside above last week's high at 45.02 will be seen this week. The stock now shows a confirmed inverted Head & Shoulders formation on the daily intraweek chart with the left shoulder at 41.67, the head at 38.80/38.81 and the right shoulder at 41.51 and on the weekly closing chart with closes at 43.09 (left shoulder), at 40.29 (head) and at 42.64 (right shoulder). The neckline is presently at 47.04 (46.82 on a weekly closing basis) that if broken would offer an upside objective of 55.18. Support is now pivotal at last week's low at 41.51, meaning that stop losses could be placed at 41.41 if desired. The first course of action for the week should be to the downside with 43.25 as the objective. Probabilities favor the bulls this week.

RIG bears failed to produce any follow through to the downside in spite of the close on the lows of the week the previous week as the bulls generated a green weekly close and on the highs of the week, suggesting further upside above last week's high at 8.44 will be seen this week. The most important thing about the close on Friday is that it was at 8.33, which was the previous all-time low close seen in February 2016, meaning that this week will be all about the close next Friday. A green weekly close would generate a failure signal in favor of the bulls, while a red weekly close would be a successful retest of the break and likely would stimulate resumption of the downtrend and further new lows. As such, it is a pivotal week. Minor resistance is found at 8.55 and pivotal at 8.83. Support is decent as well as pivotal at 7.67/7.72. The probabilities slightly favor the bulls inasmuch as oil is looking to have a positive week, having closed on Friday at a level that suggests at least a $2 move to the upside is to be seen.

VHC generated another uneventful week, having traded in a 35 point trading range and not breaking any support or resistance level. The stock did close in the lower half of the week's trading range, suggesting further downside below last week's low at 4.50 will be seen this week. Intra-week support is found at 4.45, at 4.39, at 4.35 and pivotal at 4.30. Resistance is found at 4.85, at 5.15 and 5.40. The company does not report earnings until August 7th and the probabilities favor the stock trading between 4.45 and 5.00 until the report comes out. The chart continues to favor the bulls and if there are any surprises they will likely be to the upside.

X had an unexpected strong week in which a new 11-week high was made in spite of the previous week's close in the red and in the lower half of the week's trading range. The stock closed near the highs of the week and further upside above last week's high at 24.10 is expected to be seen. Nonetheless, the stock is now close to the next level of resistance where important long term trend decisions could be made, given that the 200-week MA is currently at 23.60 (stock closed on Friday at 23.21) and that the gap area from the previous earnings report is at 24.37. It seems unlikely that the stock can close much above (if any) the MA line or get into the gap area before the earnings report comes out on Tuesday July 25th. The probabilities favor the stock trading between 24.50 and 22.50 this coming week.