Straight As An Arrow

• Posted by Greg Harmon
• on January 21st, 2014

Arrow Electronics, $ARW, has been tightening against resistance since the move higher over November. The Relative Strength Index (RSI) is bullish as the price moves in an ascending triangle, now with 5 touches. A break over the top carries a target of 59.60. The MACD also supports a continued move higher as it has crossed up and the accumulation/distribution statistic is rising. A move higher Wednesday could seal the deal for the upside as it would also create a Rising Three Methods Japanese Candlestick pattern. Keep an eye on this one over 54.60.

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