5 Stocks To Watch: BSX, CINF, NYT, VAR, WEB
Dragonfly Capital | Aug 21, 2017 12:30AM ET
5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:
Boston Scientific (NYSE:BSX)
Boston Scientific, $BSX, has trended higher since a low at the beginning of December, with a couple of minor pullbacks. The second pullback looks to have ended last week as the price rounded out of a low Friday, back over the 20 day SMA. The RSI is rising towards the bullish range and the MACD has crossed up. Look for continuation to participate higher…..
Cincinnati Financial (NASDAQ:CINF)
Cincinnati Financial, $CINF, started higher in May, paused June for 5 weeks and then ran higher again. At the beginning of August it gapped up out of its Bollinger Bands® and then started to pullback. Friday saw it close the gap and print a doji candle, indecision. The RSI is falling but remains in the bullish zone while the MACD is falling. A higher close Monday would confirm a reversal, and a reason to participate to the upside….
New York Times Company (NYSE:NYT)
New York Times, $NYT, moved higher in May and then consolidated until reconnecting with its 50 day SMA in July. It pushed higher again, eventually moving out of its Bollinger Bands® and then started to pull back in a bull flag. Friday saw a possible break of the bull flag to the upside. The RSI is turning back up but the MACD is falling. Look for continuation to participate higher…..
Varian Medical Systems Inc (NYSE:VAR)
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Varian Medical, $VAR, started higher in February meeting resistance in late March and consolidating. In May it gapped over that resistance and ran higher to a top in July. It has pulled back from there, finding support before the gap, and reversed. Last week it moved back over the 20 day SMA and Friday pushed higher again. The RSI is rising and nearly in the bullish zone while the MACD is crossed up and rising. Look for continuation to participate higher…..
Web.com Group Inc (NASDAQ:WEB)
Web.com, $WEB, started higher in April, reaching a top in July after a couple of fits and starts. It pulled back to its 100 day SMA in early August and has bounced. The Bollinger Bands® have squeezed and are now opening to allow a move. The RSI is holding over the mid line in the bullish zone while the MACD is rising and bullish. Look for continuation to participate higher….
Up Next: Bonus Idea
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 with August options Expiration completed saw the equity Index ETF’s suffered some short term damage. Elsewhere look for Gold to continue in its uptrend with Crude Oil joining it moving higher. The US Dollar Index continues to move sideways in the downtrend while US Treasuries climb higher.
The Shanghai Composite looks to continue to drift higher as Emerging Markets consolidate in their uptrend. Volatility looks to remain closer to the normal range and off of the abnormal low levels of the spring and early summer. This removes any support for equities in the short run. The equity index ETF’s SPDR S&P 500 (NYSE:SPY), iShares Russell 2000 (NYSE:IWM) and PowerShares QQQ Trust Series 1 (NASDAQ:QQQ), all continue to show weakness in the short term but with all at support levels and printing possible reversal candles. Longer term their uptrends remain intact. Use this information as you prepare for the coming week and trad’em well.
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