Life is a horizontal fall (Jean Cocteau: French writer, designer, playwright)
I wrote a blog that was well received back in May on sideways trading stocks.
I mentioned on the blog that I quite like stocks stuck within a range because you can define your trading plan – you know upfront what your entry and exit points are. I’d recommend reading that blog to get an outline of how to define a suitable candidates.
Today, I’d like to cover a few new stocks that I have been watching in sideways patterns. I’ll also quickly review the current status of two of those mentioned in my prior blog. One stock mentioned was GE, which has broken down and is no longer in the holding pattern.
Please note: I’d really love you to put a comment on this blog if you are aware of any other well defined trading pattern stocks. Its great to share this kind of info with the TA community. As Red Green says: “We’re all in this together”!
SNC Lavalin (SNC-T)
SNC has been stuck in a fairly wide swinging range since early 2016. The stock looks attractive if considered around the low $50’s and sold around $58. Perhaps its worth the wait…
The long termed chart is in an uptrend (thick black line), but the old resistance levels of around $57 from 2015 has become the floor since 2016. Resistance lies around $63. That’d be your trade. We hold a position in both our ValueTrend Equity and ValueTrend Income Platforms – which I hold personally (yes, I eat my own cooking).
Mondelez déjà vu (MDLZ-US)
Someday, MDLZ may break out. And some day, your prince (or princess) will come. Meanwhile – trading appears to be the only way to reap any money out of this zombie. This stock has been trading between $40 to $47 since early 2015. We hold this stock in the ValueTrend Equity Platform. You’ll NEVER guess where I will sell (tongue now in cheek).
More of the same for Stantec (STN-T)
Sung to the tune of “Carolina in the morning”
Nothing suits me finer than to buy Stantec at $29-er…in the morning…
Then I’d feel really nifty to sell at $36.50…in the evening…
Keith’s BNN show from last night
Here’s the clip.
Keith at the MoneyShow Saturday, Sep 9, 2017: 2 presentations
Join me as I speak at:
10:45 am: How to Profit from Fear and Greed
2:45pm: Technically trading ETF’s
Whatever your experience, portfolio size, or risk posture, you simply cannot afford to miss this event. Visit Richards.TorontoMoneyShow.com for information on registration, speakers, workshops, and more!
The MoneyShow Toronto 2017 is the premier education event for self-directed investors and active traders in Canada. Your no-cost, two-day pass will give you unlimited access to meet and hear from the most successful experts in 60+ interactive workshops covering exciting array of topics to fit your investing and trading needs.