Even though the market has been moving higher since mid December, Expeditors has been under pressure and shown relative weakness. It all started with a bearish engulfing in early December. The stock gapped up on the first trading day of 2011, but failed to hold the gap and declined the last six days (red candlesticks). The trend is down with channel resistance at 55.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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