This week’s IBD50 is packed full of messy charts with little direction and lots of congestion. It’s hard to manage a strong directional trend with global turmoil and natural disasters taking center stage.
Here are a handful of stocks from Monday’s IBD50 (4/21) that I’ll have an eye on based on Friday’s action and overall technical strength.
ULTI – Testing recent resistant levels on overall uptrend. I would like to see $54 broken and price strong over SMA20 for entry.
ATLR – Currently holding fib retracement and horizontal support. I’m watching for bounce back up here off off SMA50.
NFLX – Watch NFLX carefully. Indicators are bearish and prices is currently sitting on horizontal and SMA50 support. A drop below, and we look for entry on support of SMA100. If there is a bounce up, I would consider swing over 225.
SWKS – Watching sma100. Stock is a little over sold here, but we’ll need to confirm the SMA100 and horizontal support before going long. ‘Safe’ entry above 32 out of congestion.
ARMH – currently trapped between two fib levels with generally bearish indicators. watch for 61.8% fib retracement for support. Long entry above 50% fib retracement into the gap fil.
GEOI – Watch for move above fib 38.2% retracement and horizontal resistance.
JOYG – I like the look of MACD and ADX – both setting up for positive cross. Keep an eye on horizontal support and SMA20. A move above both could bring in buyers.
NOG – Nice trendline support, but heave fall on Friday with volume, so we’ll have to watch to see if trendline holds. If it does, there may be a trade above horizontal resistance above 30.
VPHM – I would like to see VPHM get above 19.47 with volume. I think we’ll see buyers at that range.
ARW – Above descending trendline for possible long entry.
OPEN – over horizontal resistance near $92. I like this chart. Looks ready to go after coiling up against $92 for a few weeks now.
HS – over 38 out of consolidation box. Possible short on move below 35.50