Charts to Watch – September 23-27
S & P Global (SPGI)
S&P has continued to show strength since the bottom during last December, and has shown no signs of breaking its uptrend. we may see a little bit of consolidation as valuation catches up to the move its had, but as market leadership, if you think the market has a chance to rally, this is the type of name you want to accumulate on dips.
El Pollo Loco (LOCO)
Loco is looking like its in a bottoming process, having broken the downtrend and having traded sideways as new buyers have come in. the stock is starting to gain some traction and is making a move off the bottom, which could have some legs with limited resistance until about another $1(12.50).
Inter pipeline (IPL.TO)
Interpipe is a chart still looking constructive- working through a megaphone pattern which could become a trade to the upper range of the pattern, with a stop ready for a break of the downside line. This is a healthy consolidation after an extended move upward on the big moves up.
Royal Bank (RY.TO, RY)
Royal bank is showing the potential to break out with very strong volume coming in this last week, after basing for the better part of a few years. however, the name is looking very overbought as it reaches the area of past resistance, meaning a pull back could occur in the shorter term. however, a breakout could happen relativly soon as it digests this big move in the short term.