There was a lot of noise on Wall Street this week.
We had earnings reports from tech giants such as
. On Tuesday, we saw the
Dow Jones Industrial Average
drop the most in history for an inauguration day as President Barack Obama took over the White House. And this week, we also saw huge volatility in the banking sector after the
Royal Bank of Scotland
said it may have lost $41 billion last year, prompting the British government to announce a second bailout for the company.
Investors often get overwhelmed by everything that is happening on Wall Street, leading to a clouded mind when it comes to making sound investment or trading decisions. One way to lift those clouds is to focus on an investment discipline called technical analysis. Technical analysis is a stock analysis method that is used to forecast the future of financial price movements based on the examination of past price movements.
Many traders and investors use technical analysis to make investment decisions. However, some don't subscribe to the practice, calling it "voodoo" or a "pseudoscience." Pure technical analysts believe it is pointless to do fundamental analysis -- the process of analyzing companies' financial statements and health, its management and competitive advantages, and its competitors and markets.
Whether or not it's pointless is best left for debate among the academics. One sure fire way to drowned out all of the noise on Wall Street is to simply focus on the chart of a stock that you might be considering to buy or sell. The chart is nothing more than snapshot of the behavior of the sellers and buyers at any given time. Think of it as the living pulse of the company.
With that in mind, let's take a look at some charts that are displaying some interesting patterns and might be setting up to make a big move, including
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