No Confirmation Necessary to Buy These Healthcare Stocks
- Posted by Greg Harmon
- on October 4th, 2011
Tuesday there were Bullish Engulfing and Piercing Candlestick Patterns everywhere following the broad base sell off on Monday. These are potential reversal patterns that need to be confirmed with a higher close on Wednesday. But why screw around waiting for confirmation when all three of the healthcare stocks below are in healthy up trends where there is no confirmation necessary. They all moved higher today out of bull flags.
Bristol Meyers Squibb, $BMY
Bristol Meyers Squibb, $BMY, was in a bull flag until Tuesday and broke out if it higher printing a long bullish candle with no upper shadow and on strong volume. The Relative Strength Index (RSI) is moving higher and the Moving Average Convergence Divergence (MACD) is growing again.
Cepheid, $CPHD, broke its bull flag higher with a bullish Marubozu candle, creating a new intraday high.The RSI is in bullish territory and has remained there since the start of the up trend in August. The MACD increasing again on this name as well, and all of the Simple Moving Averages are sloping higher and area underneath the current price.
Seattle Genetics, $SGEN
Seattle Genetics, $SGEN, also moved strongly higher out of its bull flag making a higher high on the intra-day level with big volume. This has a RSI that is bullish and moving higher and a MACD that is about to cross positive.
If you like what you see sign up for more ideas and deeper analysis using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits feed and on chartly.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
Dragonfly Capital Updates
- Top Trade Ideas for the Week of May 20, 2013: The Rest Premium
- Top Trade Ideas for the Week of May 20, 2013: The Best
- SPY Trends and Influencers May 18, 2013
- Cleveland’s Best Linkfest!
- Macro Week in Review/Preview May 17, 2013
- Dragonfly Capital Views Performance Through May 2013 Expiry
- Premium Earnings 5-17-13
- Which Way is Up?
- Cicso Kid Was a Friend of Mine
- Premium Earnings 5-16-13