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.
