Greener Grass
Because the tech sector remains choppy, today we will take a
look at two additional non-tech plays that have good setups.
Today’s Watchlist:Â
(
NTRO |
Quote |
Chart |
News |
PowerRating),
(
JPM |
Quote |
Chart |
News |
PowerRating),
(
CPB |
Quote |
Chart |
News |
PowerRating)
Netro
(
NTRO |
Quote |
Chart |
News |
PowerRating) has
tested a near-term resistance level several times now. What we will watch for
is a closing move above the level highlighted in red below. Following a
breakout, watch for a continuation move on the day following the breakout.
Volume has been decreasing for the last few days, suggesting a possible upcoming
move. If it breaks out, watch for resistance at 90.
In the very strong brokerage sector, JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating) broke
out from a high-level-cup pattern on Wednesday on strong volume. If it closes
near the top of its range, set your alerts near the intraday high and watch for
a continuation move higher. The sector, fueled by mergers, has been
gaining steam over the past few days. The ADX reading has been very high on many
of the big names, which may indicate that there is more upside ahead.
Campbell Soup
(
CPB |
Quote |
Chart |
News |
PowerRating) is a company that has probably been a
part of our lives for longer than the financial markets have. Sadly, we are not
looking at it for a long play. CPB has set a new low on Wednesday. Should this
breakdown scenario continue, which we will determine by seeing a new closing
low, we will watch for a short opportunity on Thursday. Watch for a
volume-backed close and a continuation move on Wednesday. This is not a highly
volatile stock, so adjust your gain goals accordingly.
Until later,Â
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