Steve Madden Ltd. (SHOO) recently gapped open higher after reporting another strong quarter, sending shares above a key level of short-term resistance just above $30. Shares of SHOO began accelerating in early March as the market bottomed out and took flight, accelerating along a steady trend line that is still in play. The Stochastic was recently signaling that shares were in over-sold territory, providing a more technical support and another bullish signal. Take a look at the chart below.

Netflix, Inc. (NFLX) looks to be in the early stages of a wedge formation, a technical setup that frequently leads to a breakout. The longer-term upward trend has been in play since November, with the short-term trend that is driving the recent wedge formation beginning in early July. On the top side of the formation is the resistance level at $49. As shares continue to consolidate the pressure could lead to a breakout and more volume pushing shares higher, take a look below.

Zacks Investment Research

Last 5 posts by Michael Vodicka

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