Celebrate America – Buy Some Wallboard!
- Posted by Greg Harmon
- on July 2nd, 2012
What is a more American way to celebrate our country’s birth than by buying some wallboard! Yes I have heard the stories about cookouts, parades and fireworks. Those are nice but and give you some short term pleasure. But this country was built on building something. Think about what would make you happier. A burger or a new wall in the basement. Watching the Firetrucks roll down the street or a doghouse. Lying back and seeing the fireworks light up the sky or a new shed. You know the answer. Oh, wait, everyone is renting now. Well you can still participate. The stock of one of the major producers and distributors of wallboard, USG, $USG, is breaking out. Maybe you can buy the stock and still do all those other things. Awesome. America! Take a look.
USG, $USG Daily
USG, is breaking an expanding wedge higher on the daily timeframe as shown in the chart above. It has a strong and rising Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is positive and growing that both support a move higher. The target on the breakout is a move to 26. But the weekly chart below shows this resistance goes back even further to February 2011. This longer view reveals a Cup and Handle break out with a target of 33.75. So how are you going to celebrate America?
USG, $USG Weekly
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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