For the past few weeks, more stocks are closing above the previous daily highs versus those closing below previous lows. All of the stocks discussed over this time period also show improving consitions, as measured by the trending ADX indicator. We also filtered for stocks closing in the upper half of their daily trading range to focus on relative strength candidates.
Previous Highs – Scan
The strategy; quality stocks like those below should show signs of buyers again today, given Monday activity. If our candidate(s) start to lift after the opening range, consider a position with a stop at the low of the day.
Many of these stocks continue appearing every day for the past few weeks.
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Target – Previous Highs
Target (TGT) is one example of a stock in this scan closing above previous daily highs. Many stocks in this group followed suit. DG, DLTR, COST and WMT all printed bullish candles on Monday.
Target (TGT) has earnings scheduled for May 22-23 (unconfirmed). The company beat expectations for the past four quarters.
Futures are green, trading near 2918 (+/-) just shy of the morning highs.
Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we trade PHOD candidates. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advise” to enter any particular position or asset.
Investment Warnings
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
Live Sessions
Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.