Charts to Watch – Oct 14th- Oct 18th
Viamed looks to be approaching a new all time high as it is at resistance where it failed to break through twice already. the name is looking very overbought, however showing the potential to breakout with another strong market wide day. I think the name is going to enter a consolidation period after a beastly move, especially with the name breaking its “bump” trend-line. could be a good buy on a strong breakout, and for those looking to go long a buy-in around the 200 dma looks like a good entry with its short history of holding that marker.
A darling of the market last year is looking very strong in its recovery. Last years earnings miss gap looks like its almost filled and the name is approaching its 52 week high, which should bring interest to the name. the name has broken out of the upper part of the trading channel, meaning a pull back is possible, but overall the name is looking constructive.
Nutrien is looking to be another chart pattern in the midst of a symmetrical triangle. lower highs and higher intermediate lows are indicating there should be a break soon as the range Keeps tightening. buy the breakout, sell the breakdown is the gameplay for a name like this. there also is a counter trend trade up to around 72, where it tends to reach before it turns down.
Jp Morgan Chase (JPM)
After a strong report today JPM is trading at all time highs. this earnings move has set up a break of an almost 2 year sideways trade in JPM and what seems like all the other banks. JPM, being seen as the best run US bank may be showing its leadership in Us financials, being the first to breakout. Im in belief that any sustained strong rally will have to be with the financials leading, meaning that this break could offer a potentially strong opportunity to buy-in.