After a giant rally on Thursday, the market is making an attempt to carry and consolidate heading into the weekend. With volatility nonetheless excessive, I am trying round for what to spend money on.
I observed a few gaming names popping up.
Churchill Downs had an enormous day on Friday. Just a little consolidation would make for a pleasant entry because the inventory breaks the October to February downtrend.
MCRI Appears to be like like it’s getting set to run after a breakout, pullback and a renewed push. The SCTR is on the highest on the chart. A number of massive inexperienced quantity candles not too long ago.
The healthcare provider DENTSPLY seems to be breaking out of a basing sample. The 200 DMA is a little bit resistance overhead, however the relative energy proven not too long ago (see SCTR) suggests this can be greater than only a filling.
Two different good charts are within the supplies area, which I proceed to like. The primary is HudBay Minerals. It broke out in January and has been consolidating across the breakout degree. The SCTR suggests it is among the stronger charts on the market. With Thursday’s massive quantity promoting candle, this seems to be fairly good bouncing off the 200 DMA. I wish to maintain my eye on the momentum uptrend on the PPO. I do not need that to get damaged right here.
Lastly is STLD. The chart seems to be set to interrupt above resistance because the SCTR reveals it is among the stronger charts on the market. I just like the change in pattern on the PPO.
Ought to be an excellent weekend to snoop round and discover good setups.
Good buying and selling,
Greg Schnell, CMT, MFTA
Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities evaluation. He’s additionally the co-author of Inventory Charts For Dummies (Wiley, 2018). Primarily based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He’s an energetic member of each the CMT Affiliation and the Worldwide Federation of Technical Analysts (IFTA).
