5 Stocks To Watch This Week: ADSK, AMGN, ANTM, BHI, GS
Dragonfly Capital | Aug 15, 2016 12:12AM ET
Here are the Rest of the Top 10:
Autodesk (NASDAQ:ADSK)
Autodesk, dropped hard to start the year and recovered almost as fast with the familiar “V” bottom. The recovery morphed into a consolidation in March it and it moved basically sideways until the Brexit vote in June. Another quick drop and recovery has it back in consolidation. Since the start or August it has been moving higher, and went through the resistance to end the week. The RSI is rising and bullish and the MACD moving higher. Look for continuation to participate to the upside…..
Amgen (NASDAQ:AMGN)
Amgen, started higher in June and ran up to a top at the start of August. The pullback in a bull flag from there found a bottom and broke to the upside Friday. The RSI is in the bullish zone and rising while the MACD is pulling back. Look for continuation to the upside to participate…..
Anthem Inc (NYSE:ANTM)
Anthem, rose from a bottom in February to a peak in April. From there it fell to a low in June and then bounced. That was short lived as it fell back again. Since the start of August it has risen against trend support. The RSI is rising back toward the mid line and the MACD is about to cross up. Friday saw a strong move higher. Look for continuation of that to participate to the upside…..
Baker Hughes Incorporated (NYSE:BHI)
Baker Hughes, finally started higher in April, rising to a peak in the beginning of May. A pullback to the 50 day SA and bounce led it back to resistance in June. Then another pullback bounced to the current level, moving through resistance. The RSI is rising and the MACD is moving higher. Look for continuation to participate to the upside…..
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Goldman Sachs (NYSE:GS)
Goldman Sachs, ran higher off of a bottom in June. it stalled at 164 and pulled back before another leg higher to 164 and now consolidation. It has a RSI that is in the bullish zone and the MACD is crossing up. Look for a push over 164 to participate to the upside…..
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 August options expiration sees the Equity markets continuing to look strong but maybe in need of a short term pause.
Elsewhere look for Gold to consolidate in its uptrend while Crude Oil rises. The US Dollar Index seems content to move sideways in broad consolidation while US Treasuries consolidate near their high. The Shanghai Composite and Emerging Markets are both biased to the upside next week.
Volatility looks to remain at abnormally low levels keeping the bias higher for the equity index ETF’s SPY (NYSE:SPY), iShares Russell 2000 (NYSE:IWM) and PowerShares QQQ Trust Series 1 (NASDAQ:QQQ). Their charts show that the SPY and IWM may need a pause or retrenchment in the short term, while the QQQ continues to lead. Use this information as you prepare for the coming week and trad’em well.
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.
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