Today the market has been up and sideways basically, perhaps a little more defensive this afternoon,...
December Opportunities in 2 Surprisingly Strong Stocks
12/02/2015 7:00 am EST
Corey Rosenbloom, of AfraidToTrade.com, takes a technical look at two surprisingly strong stocks with ten consecutive upside closes and he highlights the trading opportunities for both of these candidates.
Which two stocks have the greatest number of consecutive up-closes at the moment?
And more importantly, what are the trading opportunities for these two candidates?
Let’s see them.
With Ten Consecutive Upside Closes, Our Two Surprisingly Strong Stocks Include the Following:
Note the positive divergences building momentum like a spring and price skyrocketed higher on the rally.
The first target was the $70.00 per share price and Fibonacci confluence and buyers shattered this level.
The next target extended where we are now into $75.00 per share which is the 200-day SMA and 61.8% Fibonacci.
Tuesday we’re seeing a doji candle above the $75.00 per share confluence.
Note the bullish green price pathway if share prices remain above $75.00.
Otherwise, look to take profits or consider an aggressive short-sell swing trade if share prices break back under $75.00 (target $72.00 then $70.00).
The picture is similar in our second stealthy candidate, FLIR Systems (FLIR):
Similarly, FLIR Systems broke a downtrend with a positive momentum divergence near $25.00 per share.
Bullish (buy) volume surged twice on the initial rally toward the $29.00 confluence…and then a second wave of buying propelled price above the breakout.
We’re now at the 61.8% Fibonacci retracement, which is just above the 200 day SMA...identical to DLTR.
Though these stocks are different, the pattern and opportunity is the same.
A bullish breakout pathway extends above $31.00 per share while a cautious plan develops now into the target.
Focus on these levels and the price pathways away from both key inflection targets after ten days straight up.
By Corey Rosenbloom, CMT, Trader and Blogger, AfraidToTrade.com
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