Here are the Rest of the Top 10:
Bank of New York Mellon, (NYSE:BK)
Bank of New York Mellon, BK, moved higher last week off of a pullback to a double bottom at 35.50. The price action left it in a consolidation last week after the leg higher, in a bull flag. The RSI is knocking on a move into the bullish zone while the MACD is rising, supporting more upside price action.
Bristol-Myers Squibb, (NYSE:BMY)
Bristol-Myers Squibb, BMY, pulled back from a spike over 64 only to find support and consolidate in a tight range for the last 3 weeks. The action Friday peeked over the top of the consolidation, and it has support to break higher from a RSI rising back through the mid line, having never moved into the bearish zone, and a MACD about to cross up.
General Motors, (NYSE:GM)
General Motors, GM, has been rising in fits and starts, not on all cylinders, since mid October. The latest move up off of the 100 SMA to start February has settled into a bull flag, with Friday’s price action looking to break it to the upside. The RSI is strong and bullish while the MACD is leveling after a move higher.
Murphy USA, (NYSE:MUSA)
Murphy USA, MUSA, has had several stair steps higher since May. The latest one has led to consolidation under resistance with a tightening support, being helped by a rising 50 day SMA. The RSI is bullish and the MACD is turning up towards a cross after a pullback.
PNC Financial Services, (NYSE:PNC)
PNC Financial Services, PNC (NYSE:PNC), moved to a double top near 93, before pulling back in a bull flag last week. Friday started the move higher out of the flag. Price has support from the rising RSI and MACD, both bullish, to continue higher.
After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which, heading into the end of February sees the equity markets as strong moving out of consolidation higher.
Elsewhere look for gold to continue lower in the short term while Crude Oil continues to consolidate after its bounce. The US dollar also looks to continue to consolidate sideways while US Treasuries are biased lower. The Shanghai Composite and Emerging Markets are both consolidating with a bias to break that to the upside.
Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s (ARCA:SPY), (ARCA:IWM) and (NASDAQ:QQQ), despite the moves higher this week. Their charts also suggest more upward price action on both the daily and weekly view. This is the first week in a while that all 3 Index ETF’s have looked strong. Use this information as you prepare for the coming week and trad’em well.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.