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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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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