Back on the bullish side is Target (TGT). This $39 billion retailer got hit hard in the latter half of 2013, but it looks like it's turning the corner thanks to a "double bottom" pattern that's been forming in shares. The buy signal comes on a move through $67.

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Whenever you're looking at any technical price pattern, it's critical to think in terms of buyers and sellers. Triangles, double bottoms, and other pattern names are a good quick way to explain what's going on in a stock, but they're not the reason it's tradable. Instead, it all comes down to supply and demand for shares.

That $67 resistance level is a price where there has been an excess of supply of shares; in other words, it's a place where sellers have been more eager to step in and take gains than buyers have been to buy. That's what makes a breakout above it so significant; the move means that buyers are finally strong enough to absorb all of the excess supply above that price level.

A positive divergence in RSI adds some extra evidence for an upside move from here. That said, wait for $67 to get taken out before jumping into shares.

Berkshire Hathaway

Berkshire Hathaway (BRK.B) is another turnaround name worth watching right now. Berkshire has spent the last few months looking "toppy," but the sell signal never actually triggered. So after looking bearish for a long time, this conglomerate is finally starting to resolve higher -- and you don't need to be an expert technical analyst to see why.

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Berkshire has started forming an uptrending channel, a bullish setup that's formed by a pair of parallel trendlines. When it comes to price channels, up is good and down is bad; it's as simple as that. Shares have bounced higher on each of the last six tests of trendline support, and so, as shares come down to test support for a seventh time, buyers are getting a chance to get into this trade. The time to buy comes on a bounce off of trendline support, not before one.

Relative strength still looks anemic in Berkshire Hathaway right now, and that's a big problem. Look for a change in the relative strength downtrend when BRK.B bounces off of support.

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