AutoZone Inc (NYSE:AZO): The automotive parts retailer closed at record highs yesterday, although only just. Still, the equity remains in a clear uptrend and has formed a potential double bottom (which can be a continuation pattern in an uptrend), so we’re looking for this to break higher. Keep in mind that prices have struggled to push higher around current levels twice previously, so bullish momentum need to hold up if the double bottom is to be believed. If prices turn lower, we can reassess – although the trend remains bullish whilst prices hold above the 1040 lows.
JPMorgan Chase & Co (NYSE:JPM): Around mid-October, JPM finally broke out of a 20-month consolidation pattern and now sits just off its record high. A decent trend is taking shape and prices are accelerating away from the trendline, which leaves potential for the upper channel to be broken. Moreover, prices are bobbing along the 10-day eMA to show how strong momentum is and a swing low has formed at 127.42.
Other bullish setups to consider (along the same lines as JPM) are Northern Trust (NASDAQ:NTRS), Valero, LKQ, Hewlett Packard and Paccar Inc.
Verisk Analytics Inc (NASDAQ:VRSK): Prices hit a record high in early October before shedding over -17.9% over the next few weeks, taking it on the cusp of a technical bear market. Prices have retreated into a zone of resistance around 144, which comprises of the 20 and 200-day eMAs, 38.2% Fibonacci level and swing lows.
Cabot Oil & Gas Corporation (NYSE:COG): The independent oil and gas company suffered its most bearish close in nearly 4-months yesterday. That it occurred in line with the dominant, bearish trend suggests it could be headed to new lows. Still, its not uncommon to see a stock rebound the day after a heavy loss, so it’s simply a case of waiting for key support to be broken – whether it be today or thereafter.