Don't Ignore This Chart!

Interface (TILE) Floors It, Approaches Major Resistance

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TILE is an industrial goods company that designs, produces and sells modular carpet products internationally.  Strong quarterly results reported in February, exceeding Wall Street estimates, has sent TILE's shares surging 27% higher in just the past month.  Major overhead price resistance is approaching, however, so it will be interesting to see if the momentum will continue and result in a breakout.  The daily chart (not shown below) shows seriously overbought momentum oscillators so TILE may need a rest or period of consolidation before clearing key resistance.  The level of resistance (20.00-22.00) is fairly obvious on a long-term weekly chart and TILE is currently right in the middle of it.  The heavier volume of late could be indicative of accumulation.  You might want to keep this one on your radar.  Check it out:

Happy trading!

Tom

 

Tom Bowley
About the author: is the Chief Market Strategist at EarningsBeats.com, where he provides stock market education, guidance, and trading strategies using a unique combination of technical, fundamental, and historical analysis. Tom provides EarningsBeats.com members with four portfolios (Model, Aggressive, Income, and Value), all designed to beat the benchmark S&P 500, and a revolving Watch List of hundreds of companies reporting strong quarterly earnings (must beat both revenue and EPS estimates) and exhibiting technical strength as well. These companies comprise EarningsBeats' annotated Strong Earnings ChartList (SECL), from which Tom trades exclusively. Tom writes a Daily Market Report (DMR) for members to include an executive summary, market outlook, sector/industry watch, and trading ideas. Learn More
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