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Stocks: The Good, The Bad and The Ugly

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Stocks: The Good, The Bad and The Ugly

52-week highs, banks ahead of earnings and other notable industrials

Scott Brown, CMT
Apr 13, 2023
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Stocks: The Good, The Bad and The Ugly

www.browninsights.com
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Good morning,

The major indexes suffered nasty reversals yesterday, but so far this week has seen far more stocks making 52-week highs than 52-week lows. We’ll take a look at some of the ones hitting new highs to see which look the most attractive and which are better to buy on a pullback.

We’ll also check in on the big banks ahead of earnings, and explore the technicals of other industrials stocks following Tuesday’s Deep Dive into the sector.

Let’s get into it!


52-week highs this week

CDNS: Cadence Design Systems

CDNS has been as strong as they come, but the stock printed a bearish engulfing (or outside day) on Wednesday, just like the S&P 500 did. Pullbacks towards $192 should be viewed as buying opportunities.

LIN: Linde

Linde hit a new intraday high but has failed to make a new closing high. I don’t like to quibble too much with 52-week highs, but there is also a clear bearish momentum divergence that bears watching.

MCD: McDonald’s

MCD is the most overbought it has been since November, but if you are an intermediate-term investor, that is a good thing.

MSI: Motorola Solutions

New high for new Buy List addition Motorola Solutions. If above $274, long and strong.

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