ATI

[Amarens]

Hi Melf,

Thanks for the update. Applaus your analysis.

I follow the card below. The TL rises 0,07 each day and stands at $ 58,51 today. I'll keep a close eye though..

Tnx,
Amarens

[Melf Elf]

I follow the card below. The TL rises 0,07 each day and stands at $ 58,51 today. I'll keep a close eye though..

Amarens,

That's very good.  Applause.  I'm following that trendline, too.  The slope depends on how we connect it.  I connected #1 and #2 and extended it, but connecting #1 and #3, for example, is fine, too.  The way I did it, hit #4 violated the trendline slightly, but I left it in.

FWIW, I get a slope of 0.08455, so it comes in today at 58.778.  What's important, I think, is not getting a close below that.

So far this morning, ATI has filled yesterday's gap down candle low of 61.37.  I'd like to see it find data point #4, for a Symmetrical Triangle, or a Bullish Flag.  I'll show you that chart next.

[Melf Elf]

I'd like to see it find data point #4, for a Symmetrical Triangle, or a Bullish Flag.  I'll show you that chart next.

Amarens,

If ATI can make a "higher low" than Green #2, then break out above the pattern, it would be a Symmetrical Triangle.

If it makes a "lower low," and doesn't do any technical damage, like breaking the trendline that we just discussed, then breaks out to the upside, it would be a Bull Flag.

[Melf Elf]

If it makes a "lower low," and doesn't do any technical damage, like breaking the trendline that we just discussed, then breaks out to the upside, it would be a Bull Flag.

Amarens,

Oops...that's wrong.  Sorry.

A Bull Flag would break the trendline that we discussed, because it would take out Green #2.

That still could work out alright, though, if it holds above the top of the Symmetrical Triangle (blue line). 

[Melf Elf]

If ATI can make a "higher low" than Green #2, then break out above the pattern, it would be a Symmetrical Triangle.

Amarens,

Symmetrical Triangle breakout this morning on the print of 62.57.  Target: 70.59 IN PLAY, as long as the breakout holds.

[tokyopua]

ATI is looking good    There is a small gap to fill, so if I can get a lucky print of 61.89 I will join in too, though it doesnt look like that will happen today.

[Melf Elf]

ATI is looking good    There is a small gap to fill, so if I can get a lucky print of 61.89 I will join in too, though it doesnt look like that will happen today.

tok,

I thought that they were going to fill it after the breakout this morning, but they took it down only to 62.12, then took it up again.  Volume is looking a bit better.  Already 1 million shares.  100 day average volume is 3.4 million.

[Amarens]

Hi Melf,

Thanks for your great analysis. I'm learning so much on TA from you. People like you make this site be a huge difference  .  It strenghtens me to keep learning and reading more on TA.

ATI is looking good today, but most stocks are today.

Amarens

[Melf Elf]

Amarens,

Thanks for the feedback on the TA.

I like the fact that ATI gapped up yesterday right to the Symmetrical Triangle breakout point*, didn't entirely fill the gap, then had a strong day on the best volume since August 14.  It now needs to take out 66.00, the high of the Symmetrical Triangle, which is a minor target IN PLAY.

EDIT: * Breakout point was 62.564...the open was 62.57.

Good luck!

[Melf Elf]

Bullish Inverse H&S breakout this morning, basis the 1-Minute chart.

It now needs to take out 66.00, the high of the Symmetrical Triangle, which is a minor target IN PLAY.

The 66.00 target MADE.

[metal head]

Hey guys, enjoying all the TA going on.

What's the latest TA on this stock.  Another big up day today. 

Whats the exit strategy or target price?

[Melf Elf]

Hey guys, enjoying all the TA going on.

What's the latest TA on this stock. 

Whats the exit strategy or target price?

metal head,

70.59 is IN PLAY from the little Symmetrical Triangle breakout (pattern in green).

71.29 is IN PLAY from the big Symmetrical Triangle breakout (pattern in blue).

Those are the next targets.

77.38 also is IN PLAY from the big Symmetrical Triangle breakout.

Another big up day today.

NOTE: This chart doesn't reflect today's gain of $3.16, to 68.64.

[setravis]

Chart looks like it's through consolidating and ready to move higher... 
Fairly conservative play with some good upside potential. Liberal stop in order to try and hold for several months.
With this bull chart, I think I would just go ahead and target the high of $87.50 it set
May 11,2006. JMHO of course,I think it's ready to set a new high.

This is one of the only metals companies that makes alloys able to withstand the tremendous pressures of very deep ocean oil drilling without crushing under the pressure. They may get a lot more business as deep oil drilling starts to gain more favor. Also, the PE ration is way under the earnings growth rate making it cheap.

Business Overview.............  
BRIEF: For the six months ended 30 June 2006, Allegheny Technologies Incorporated's revenues rose 26% to $2.25B. Net income rose 59% to $242.9M. Revenues reflect an increase in sales of High Performance Metals segment due to higher demand from aerospace & defence market and a rise in sales of Engineered Products segment due to increased volume & higher selling prices. Net income also reflects an increase in operating margins and lower net interest expense. http://www.alleghenytechnologies.com/

As Melf has already pointed out the breakout of the Symmetrical Triangle (continuation) pattern.

Support @ $67.31...65.16...62.07...60.37
Resistance @ $69.23...70.39...75.53...84.53
13-day-MA has crossed the 50-day MA

52wk Range: 26.12 - 87.50
Volume: 3,614,600
Avg Vol (3m): 2,734,400

Technicals
Last Price Quote is:
9.62%above 13-day MA
11.43%above 50-day MA
RS Rating: 32 
MACD is Bullish

Fundamentals
Key Data:
Market Cap (M): $6,115.09 
P/E Ratio: 13.70 
PEG Ratio: 0.846667 
Next Earnings: 10/25/2006
Last Analyst Rating: Neutral

Just my two cents worth.....

[Melf Elf]

On Fire in the early going this morning, up another $2.00+

70.59 is IN PLAY from the little Symmetrical Triangle breakout (pattern in green).

70.59 MADE.

71.29 is IN PLAY from the big Symmetrical Triangle breakout (pattern in blue).

71.29 also MADE.

[joet]

Yo Melf
Great play on ATI,  I never entered...    Your "feelings" were  bullish on both ATI and BRCD when the where struggling... KUDOS... Do you have any other hunches currently.  Check out my post on BOBJ when you get a chance, Is there such a pattern as a Bullish island reversal?

Cheers Joe