Stock Trends
BRB (be right back)
Good morning,
This week, we’ve got a wide variety of stocks and setups to look at, but we’ll start with some stocks that are BRBing, or retesting support from the top-side after breaking out.
Several of these are Base Finder stocks that have broken out since the December report, and two are regional banks, a group that needs to dig in if small caps are going to hold this week’s level to watch.
We’ll also review:
Three software stocks to fade the recent rally
Hot List updates
Large-cap long ideas
Small-cap leaders
and more!
BRB (be right back)
$13.64 is the magic level for Viatris
Oversold, at support, and in a long-term uptrend. The pace of selling has slowed this week; now we just need to see some upward momentum.
BorgWarner all the way back to the top of its base
BWA has given up all of a 22% one-day earnings spike and more, but is trying to find support at its 50-DMA and top of the base this week. It broke the downtrend line with a 2.8% gain on Monday, and the bullish engulfing pattern is in play if we’re above $50.
I like Simon Property Group long against $186
Prologis is on our Hot List, but this is a nearly identical chart and one I’ve featured a lot recently. After breaking out, SPG is pulling back into the support zone. Monday’s bullish reversal hasn’t seen follow-through yet, but I wouldn’t give up on a stock holding both its absolute and relative breakouts.
Norfolk Southern is an important signal for the real economy
NSC is pulling back into absolute and relative support, and for both this stock and the macro call, it needs to hold. This four-year base, breakout, and retest looks a lot like the chart for small-caps, which were the subject of this week’s level to watch. Speaking of small caps…
