Thursday, April 16, 2015

Four Stocks Strongly Closing at their Highs Yesterday: SLB, NEM, NTAP, COG

Each day I do a mid-day scan of strong and weak relative strength stocks, but today I also wanted to add a list of four stocks in the S&P 500 that strongly trended and closed at the high of their intraday range.
From these, we will then view the Daily Chart for possible opportunities into the future.
Here are four “top of the top” stocks that closed at the high of their wide intraday range:

We see that the following stocks trended abnormally strong today:
Schlumberger (SLB), Newmont Mining (NEM), NetApp (NTAP), and Cabot Oil and Gas (COG).
Our general logic is that the stocks which are strong will tend to get stronger.
While these speak of intraday strength, we turn to the Daily Chart for possible set-ups this week:

From the Daily Chart viewpoint…
Schlumberger (SLB) completed a breakout and short-term Trend Reversal (possible Inverse Head and Shoulders)
Newmont Mining (NEM) broke above its 20 and 50 day EMAs into the $23.00 pivot level
NetApp (NTAP) rallied up off support and broke above $36, moving above the $36 level to $37.00 (50 day EMA)
Cabot Oil & Gas (COG) extended a strong bullish swing that began from the late January low.
Continue monitoring these names and other similar companies that were abnormally strong today.

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Three Resource Companies that Have Done the Impossible – Increased in Value 30% This Year

by Brian Sylvester
The Gold Report

The Gold Report: Can you tell us about several companies that you cover that are up substantially year-to-date?
Derek Macpherson: Kirkland Lake Gold Inc. (KGI:TSX), Klondex Mines Ltd. (KDX:TSX; KLNDF:OTCBB) and Integra Gold Corp. (ICG:TSX.V; ICGQF:OTCQX) are all up more than 30%, with Kirkland up almost 70%. We pick companies that are undervalued and have the ability and the necessary catalysts to move higher and close the valuation gap.
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S&P 500 Snapshot: Up 0.51% and Only 0.51% From Its Record Close

April 15th, 2015

Before the market opened, the big news was the March Industrial Production report, which disappointed to the downside. The weak data didn't faze the market. The S&P 500 surged higher in the opening minutes and traded sideways until the early afternoon, when it rose again to a trading range that included its 0.77% intraday high. Some selling in the final 30 minutes trimmed today's gain to 0.51%, which, coincidentally, is only 0.51% from its record close on March 2nd.
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Concho Resources Inc (NYSE: CXO)

Concho Resources Inc., an independent oil and natural gas company, acquires, develops, and explores for oil and natural gas properties in the Unites States. The company’s principal operating areas are located in the Permian Basin of southeast New Mexico and West Texas. As of December 31, 2014, its total estimated proved reserves were 637.2 million barrel of oil equivalent. Concho Resources Inc. was founded in 2006 and is headquartered in Midland, Texas.
Take a look at the 1-year chart of Concho (NYSE: CXO) below with my added notations:
1-year chart of Concho (NYSE: CXO)
Over the last 6 months CXO formed an inverse head and shoulders pattern (blue). I have noted the head (H) and the shoulders (s) to make the pattern more visible. The stock’s neckline resistance was at the $120 level (green). CXO confirmed its H&S by breaking through the neckline last week.
Keep in mind that simple is usually better. Had the inverse H&S pattern never been pointed out, one would still think CXO was moving higher simply because it broke through its $120 resistance level.

The Tale of the Tape: CXO confirmed an inverse head & shoulders pattern. A long trade could be entered on a pullback down to the $120 level. A break back below $120 could negate the forecast for a move higher.
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Shares of Rosetta Genomics Ltd. (NASDAQ:ROSG) skyrocketted 14% with heavy volume to $3.7 per share following a report from Zacks Small Cap Research announcing a price target of $13. They have maintained the BUY rating but raised their price target on the company 30% to $13 per share from previous $10.50 per share due to the acquisition of PersonalizeDx. With daily technical chart showing strength as MACD is above signal and RSI above 50, we could see the stock keep going strong for a while. If momentum continues as I expect tomorrow, I believe there are lot of profits left on the table for investors to capitalize on.

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Sonus Networks, Inc. (NASDAQ:SONS) Stock confirmed today my previous analyse and the bounce looks to have just started. Based on the daily technical chart above, this stock has declined to the point of becoming a good bottom play, at least a 15-20% bounce in my opinion. Today's volume and buying action, seems to support this view.

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DryShips Inc.(NASDAQ:DRYS) Daily technical chart seems to have bottomed for now. The RSI is trying to move up from the bearish zone while the MACD and CMF are showing a positive divergence, signaling that a bounce is likely. DRYS is a risky stock but currently presents an interesting opportunity.

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Second Sight Medical Products Inc (NASDAQ:EYES) keeping my bullish bias despite the volatility. The stock has held support around the short-term EMAs and is displaying a screaming buy divergence on the upside. With 20-day EMA on top over 50-day EMA, MACD above 0 and RSI above 50% level, the stock is currently in a short-term uptrend. Levels to watch $15.60 and then $17.62

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First Solar, Inc. (NASDAQ:FSLR) broke above resistance in today's trading session on solid volume after a period of consolidation. I still like this stock and will be watching it again tomorrow, expecting to see a continuation move.

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BlackBerry Ltd (NASDAQ:BBRY) displayed relative strength today closing above its major EMAs. The stock is regaining momentum with daily MACD back above its signal line and moving up in positive territory. Long setup.
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