$ANTM to head higher after breaking out of a ~4month base?* Sector: Healthcare - Healthcare Plans
* 3 month RS vs. Sector: 10.69
* 3 month RS vs. SP500: 3.85
* U/D Ratio: 1.13
* Base Depth: 9.7%
* Distance from breakout buy point: 1.45%
* Volume 10.25% above its 15 day avg.
Trade Idea:
* You can enter now as the price isn't too far away from the base resistance
* Or you can wait for a retest of $470.02
* Looking at the weekly chart it seems like it's ready to move higher and it's also trading above the 50 avg. daily volume.
Basebreakout
$WY ready to head higher after breaking a 9 month base?* Good earnings
* Strong up trend
* High 3-month relative strength of 2 in the Real Estate sector
* U/D ratio of 1.16, meaning it's under accumulation
* Trading with higher than average volume
* Breaking out of a 9 month saucer with handle pattern with a base depth of ~29.39% and a handle depth of ~11%
Trade Idea:
* Now's a great time to enter this stock as it's just breaking out of its 9 month basing pattern
* The price is still very close to the broken level giving you a nice risk to reward ratio
* If you're looking for a better entry you may look for one around the $41.16 area
$CHD ready to move higher after breaking out of ~17 month base?* Excellent earnings quarter over quarter
* Very strong up trend on the monthly time frame
* High relative strength of 2.75 in the Consumer Defensive sector
* Pays out a quarterly dividend
* Breaking out a ~17 month base
* Both monthly and weekly candles show a large bullish hammer candle
* The weekly chart used the base resistance of $97.53 as support and mad a very strong move higher on earnings today
Trade Idea:
* Now's a great time to enter as the price is just breaking back higher.
* Held up very well during a massive correction.
* If you're looking for a better entry you can look for opportunities near the $100.7 area as that should serve as a temporary support level.
Still Bearish on AUDBased off the trade last night we are going to start a new trade with the same bearish outlook on AUD, only this time we are going to see how much stronger the CAD can hold. Oil has also been doing great as well so the correlation has been holding true so far for extra confirmation on CAD.
$CHRW ready to move higher after breaking its ~17 month base?* Great earnings in the recent quarters
* Strong up trend
* High 3-month relative strength of 3.82 in the Industrial sector
* Has a U/D Volume Ratio of 0.94 (ideal would have been > 1)
* Pays out a generous dividend
* Breaking out of its ~17 month base
* Due to the recent volatility it had a slight pullback after its previous breakout
* Has been holding up really well over the past week when the general market was selling off like crazy. This is showing relative strength and institutional demand.
* Used the broken level as support and pushed higher from there
Trade Idea:
* It is not advised to trade breakouts in the current market conditions.
* If you want to enter with a small position, now would be a great time to enter as the price is just breaking out once again.
* If you're looking for a better entry you can look for a buying opportunity around the $105.7 area as that should continue serving as support moving forward.
$BERY breaking out of its ~8 month base!* Excellent earnings quarter over quarter
* Strong up trend in the long term
* Incredibly high 3-month relative strength of 20.49 in the Consumer Cyclical sector
* Breaking out of a ~8 month base with higher than average volume
* Base depth is ~21.5% hence the max probable ROI for this trade would be ~21.5% if the trade goes in our favor
* Recently broke above its all-time-highs indicated by the red line at $60.77 and retested it as support
Trade idea:
* The price is just breaking out of its base for the second time.
* Earnings coming up and can be expected to give a positive surprise.
NOTE:
* Given the current market conditions, it is suggested that we sit in cash.
* But, if you are willing to still jump in, now would be a great time as the price is just breaking out.
* If you are looking for a better entry, you can look for an entry around the $70.90 area.
* If you have access to volume profiles you can see that the $70.9 area did get quite a bit of volume.
* So, if this does break back below $72.95 we can expect the $70.9 area to hold as support while the general market corrects.
$CMC breaking out of a ~7 month base!* Great earnings
* Strong up trend in the long term
* High 3-month relative strength of 1.08 in the Basic Materials sector
* Pays out dividends
* Breaking out of a ~7 month base with higher than average volume
* Broke out earlier but due to current market conditions it did have a slight pull back and now is breaking out once again.
* It did, in the recent months, break out of a multi-year base
Trade Idea:
* You can look to enter at today's closing price.
* If you want a better entry you can look for an opportunity around the $36.33 area
ADM looking to head higher?* Good earnings in the recent quarters
* Good general up trend in the long term
* High 3-month relative strength of 1.04 in the Consumer Defensive sector
* Breaking out of a 7 month base with higher than average volume
* Has a U/D ratio of 1.24 meaning it's under accumulation.
Trade Idea:
* Due to the market conditions I'd suggest you wait for a better entry around $68.51 if you do consider it.
* If you're willing to bare the volatility at the cost of getting into the stock, now's a great time to enter as the price is just breaking out and is only 2.07% away from the broken level.
HPQ breaking out of a 10 month base cup and handle pattern!* Excellent earnings year over year
* Strong up trend
* High 3-month relative strength of 2.29 in the Tech sector
* Breaking out of a ~10 month base
* Clean break with higher than average volume
* Currently 2.83% above the broken level
* Maximum probable ROI 44.94%
Trade Idea:
* You can enter now if you don't mind a little volatility and want to catch the bigger move.
* However, if you are looking for a better entry you can look for an opportunity around the $38.12 area.
CB looking to reach new highs?* Exceptional earnings
* Very strong up trend
* High 3-month relative strength of 2.43 in the Finance sector
* Pays out quarterly dividends
* Breaking out of a ~5 month base
Trade Idea:
* You can enter now as the price is just breaking out of the base.
* Today's price action printed a bullish pin bar which indicates that there's tonnes of demand around the $196.43 area.
* Offering a great risk to reward ratio
* Given the current market conditions you may want to wait or trade a smaller size
Caution:
* A daily close below the $193.12 area would put this idea in danger.
CDW breaking out of a 5 month base with volume!* Perfect earnings
* Very strong up trend since inception
* High 3-month relative strength of 1.65 in the Tech sector
* Pays out quarterly dividends and just last quarter it increased its dividends!
* Broke out of a ~5 month base with volume
* Broke out late December and has been consolidating since then right above the breakout point
* Even with the uncertain market conditions it's managing to stay above the broken base.
Trade Idea:
* You can enter at today's closing price if you don't mind a little volatility.
* If you're looking for the perfect entry, you may wait for the price to turn a bit lower and enter near the $203.30 area
* Due to current market conditions it's better to wait and see what may happen.
* If you're a bit more conservative you may wait for a break above this current range and look for an entry near $207.72
Caution:
* A daily close below $198.14 would negate the idea.
ADP looking to head higher prior to earnings?Note:
I last mentioned this around late October 2021.
Since then it's gone up and consolidated while the rest of the market was turning down.
This shows institutional support technically and it's also doing really well fundamentally.
* Amazing earnings quarter over quarter
* Incredibly strong long term up trend
* High 3-month relative strength of 2.64 in the Industrial sector
* Broke out of a roughly month long base last week
* Came back down to a buying range and now increasing in volume again
Trade idea:
* Right now's a good time to enter as it's using it's 10 EMA as support.
* It's 2.1% above the broken resistance which is still very close
* Offering a great risk to reward ratio
* If you're looking for a better entry, you can look for an opportunity near the $240.11 area
Caution:
* A break below $236.13 would negate this idea.
SCHW looking to reach new highs?* Great earnings
* Strong up trend
* High 3-month relative strength of 3.72 in the Financial sector
* Breaking out of a base on base pattern with higher than average volume
* Broke out a few days ago but due to the market conditions it had a slight pull back to the breakout point
Trade Idea:
* If you don't mind a little volatility and want to catch the bigger move, you can enter now as indicated.
* The price is only 1.73% away from the broken level
* However, if you're looking for a better entry, you can look for one around the $84.30 area as that should serve as support moving forward.
ITW finally ready to move higher?Note: I've mentioned this stock a couple of times before but both times it pulled back to an expected level due to the market conditions at the time.
* Excellent earnings
* Very strong up trend
* High 3-month relative strength of 2.61 in the Industrial sector
* Breaking out of a ~9 month base with higher than average volume
* Tried to break out a couple of times before but failed due to market conditions at the time
* Now breaking out again with higher than average volume
* The recent price action did make a double bottom and the price has confirmed a break of the double bottom as well.
Trade Idea:
* Now's a great time to enter as the price is just breaking out and is close to the broken level
* If you're looking for a better entry you can look for a buying opportunity near the $242.52 area
PAYX showing signs of continuing higher!* I last spoke about PAYX around mid October as it was breaking out of the $117.70 area.
* Since then it has moved higher and began to consolidate forming a base on base pattern.
* It recently had a pullback to the previous base resistance and used it as support to bounce back.
* And it also held up very well during the general market correction.
* Great earnings
* Very strong up trend
* High 3-month relative strength in the Tech sector
* Breaking out of a base on base pattern with higher than average volume (52.25% higher than the 15 day average)
Trade Idea:
* The price just broke out of a base on base pattern and is still close to the broken resistance.
* Currently offering a great risk/reward ratio
* You can enter as indicated
* If you're looking to find a slight discount you can look for an entry around the $125 area as that should hold up as short term support.
Caution:
* A daily close below $123.55 would negate this idea.
ITW looking to reach new hights?* Amazing earnings year-over-year
* Very strong up trend
* High 3-month relative strength of 4.05 in the Industrial sector
* Pays out dividends
* Breaking out of a ~9 month base with slightly higher than average volume
* I mentioned it was breaking out mid November but due to the market conditions it had a slight pull back to the $232.47 area
* It has since regained the lost ground and is making new highs again
Trade Idea:
* If you can stomach a little volatility, now's a great time to enter as the price is just breaking above previous highs.
* It's offering a great risk/reward ratio
* If you're looking for a discount you can do a couple of things
1) You can look for an entry near the $243.47 area as it should serve as support moving forward
2) You can wait a bit more and look for a buying opportunity near the $239.46 area since it would be a stronger level of support and can expect a bounce from there.
Note:
* When looking for buying opportunities at the lower levels you want to wait for a bounce from the mentioned levels before entering.
SGH using IPO base resistance as support!* Great accelerating earnings
* Breaking out of its IPO base
* High 3-month relative strength in the Tech sector
* Using the broken resistance of the IPO base as support
* Formed a cup and handle pattern
* Holding up really well even in a correction
* Has been consolidating right above broken resistance for the past 4 weeks.
* Maximum probable ROI is ~41%
* Depth of the base is at ~70%
* Has been forming the base since 2018 so ~70% move up isn't unlikely
Trade Idea:
* Given the nature of the current market and if you don't mind a little volatility, now would be a great time to enter as it's constructing a new support around the $56.69 area.
* If you're looking for a slight discount you can look for an entry around the $56.69 area given it's acting as support
Caution:
* A daily close below $56.69 would negate the idea.
* Given the market conditions and your risk tolerance use your judgement as to where you should enter.
* A daily close below $56.69 could have the price around $53.73
TER ready to move higher after using the 2000 highs as support?* Exceptional earnings
* Strong up trend
* High 3-month relative strength in the Tech sector
* Breaking out of a ~1 year base with higher than average volume
* Recently used $104.88 as support which was the high from the 2000's
* Broke base resistance ($147.46) and has been using it as support for the past
12 days
* Maximum probable ROI would be ~41.84%
Trade Idea:
* Great time to enter as the price is bouncing off of the broken resistance and isn't too far away.
* If you're looking for a slight discount you can look for an entry near the $147.46 area since that should serve as support moving forward.
