Power Stock Setups

April 4, 2022

Chart Reviews

Below are various names that caught our eye during our research process that might be worth a closer look. It is certainly not an exhaustive list, but should give plenty of names to review and develop a plan around based on your trading style and strategies.

Ticker: $MSFT

Microsoft is a good place to start and has a look that can be seen scattered around techland right now, albeit maybe a little stronger than most. How this resolves will have implications through the software subsector. The daily chart is pulling back to test the MA bands after getting rejected at the previous gap level, but didn’t get any follow through on Friday.  The daily also is trying to shift to a new RSI bull range, so clearing this level gains more significance. A glance over at the weekly chart shows the pullback stopped right where it needed to on the volume shelf as well as the RSI 40 level preserving the RSI bull range on this level. Breaking over 316ish could start a run at the highs in the nearterm.

Ticker: $GOOG

Alphabet is another tech (well Communication Services) name that is trying to shore up the daily chart after the weekly tested the RSI bull range and is succeeding. The daily put in a new RSI bull range last week and Friday fired a tight RSI positive reversal. Any continuation would also push the 9sma on RSI through the 60 level potentially ushering in some acceleration higher. The purple like below last weeks marubozu candle low. 

Ticker: $WCN

Waste Connections completed a big weekly breakout Friday after the recent RSI positive reversal played out nicely. With RSIs not overbought on either level, there is plenty of open air above.

Ticker: $ACN

Accenture looks to be putting in a reversal after overshooting potential support and recovering it quickly on he weekly chart while holding the RSI bull range.. Daily is moving into a new RSI bull range as price clears the MA bands. The breakdown candle high is what we need to see it clear to open up some room higher on this daiy chart. 

Ticker: $PERI

Perlon Network is an internet services company that is looking to move out of value on the daily after holding the RSI bull range and making a much higher low during the market restest.  During that retest it held the RSI bull range at 40 and is now moving back over the 60 level. The weekly chart never lost its RSI bull range it forged in late 2020. A move over last weeks highs puts this on better footing.

Ticker: $IDXX

IDEXX Laboratories came off hard at teh start of the year and is now trying to move out of the base it built since the fast drop.  If it can clear this level it moves into a huge Kirby back up over the 600 level.The weekly held its VPOC and volume area after some testing and has been putting in higher lows on the daily since.  The lates flagging just below the volume zone gives way provides a nice setup on a break over it. If so you can work against a close below the VPOC on the daily.

Ticker: $PAYC

Paycom Software has been building its own base below the big volume zone. Last time it gapped into the volume level and was rejected decisively. This time it ran hard off the lows to the line and couldn’t get through on the initial move, but instead of a hard rejection, it has been flagging the last two weeks above the MA bands. The weekly chart needs improvement, but a move over this polarity level would be a good start. A break over the volume node could see a quick move to the top of value near 420. Here on nthe daily you can work against the current VPOC

Ticker: $WST

West Pharmaceuticals is another name like $PAYC we covered a few weeks back, but instead of backing off this one broke over its zone and looks likely to continue. The daily is in a new RSI bull range and looks to be heading higher after dancing with the 60 level while it was negotiating the price zone. Weekly price is moving out of the MA bands and its RSI bull range held fine, now above 50 and pointing higher. We can view this versus a close under the marked zone.

Ticker: $STE

Steris is breaking out as we enter the new week. With the daily RSI moving over the 60 level and the weeklly RSI looking to do the same.  Note that the weekly RSI has been in a mushy trend all the way up and hasn’t even tested the 40 level since the Summer of 2020 showing exceptional resilience. This would be a longer term play and can stand some patience, but carries a measured move up near 285 from this break.

Ticker: $WPM

Wheaton Precious Metals has a terrific looking symmetrical triangle on the daily as it builds up some energy to break through the big weekly level.  The daily RSI is in a bull range and firing RSI positive reversals along teh way. Weekly recently moved into a new RSI bull range as well. A strong stock in a strong space looks ready for more. If we get the break, the highs just under 58 come into play next.

The charts and tickers above are for educational purposes and are not recommendations to do anything.  This is just to help show you what we see and then let you take it from there and do your own due diligence. Either build your own trade plan or get with your advisor or broker form one before considering any ideas above.