10 Stocks On The Move: Earnings, Charts, & Trading Setups

6.  General Electric (GE)

GE has shown scant signs of attempting to bottom out after showing some minor stabilization around 29.  The trend remains firmly to the downside on a 4 month basis. Pullbacks to test recent lows look likely over the next week while any move back over 29.22 would help start a move up to near 29.75-30 (a more serious level of price resistance).  For now, there’s been insufficient progress to suggest buying, despite the minor lift of late.

7.  Bank Of New York Mellon (BK)

The first real evidence of an UPSIDE breakout of this downtrend that’s been intact for Bank of New York Mellon (BK) since mid-last year. With this in mind, it is a meaningfully positive technical move.

Gains up to 45ish look likely near-term, and move over that level would be a real positive for the intermediate-term trend. If the stock can clear 45 with strength, an eventual rally up to 50 (late ’07 highs) could be in store.

Further Reading:  U.S. Equities Trading In No-Man’s Land

8.  Danaher Corp (DHR)

Thursday saw a very big move. This is still within the broad consolidation since mid-July. The move higher puts it on watch for an eventual breakout, as new highs are not that far off.  82-82.70 is near-term resistance to watch.  I believe this is an intermediate term buy, but short-term gains may be held to 82 or so.

9.  PulteGroup Inc. (PHM)

Breakdown that’s hurt many other Builders of late given rising rates has hurt PHM with the stock breaking down under trendline support since January.

Given one more day is left in the week this is likely to result in weekly breakdown under this important trendline, making this stock and the sector as a whole given Yield gains of late, as an AVOID.

10.  Schlumberger Ltd (SLB)

Recent gains allowed SLB to briefly take out this year’s highs (resistance).  This should be a bullish development that allows for an intermed. Term advance up to the high 80s/low 90s with time.

Get more trading insights and market analysis over on my blog Newton Advisor.  Thanks for reading.

Twitter:  @MarkNewtonCMT

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.