Big Cap Pharma is Turning Up
- Posted by Greg Harmon
- on May 14th, 2013
Tuesday morning I wrote about how Healthcare was ready to take some leadership again, and it is moving a bit today (although everything is). But lets talk specifics. Here are 3 stocks that all are reversing back higher on the weekly timeframe.
Eli Lilly, $LLY
Eli Lilly, $LLY, is bouncing off of the 20 week Simple Moving Average (nearly equivalent to the 100 day SMA) after a short pullback. this pullback reset the Relative Strength Index (RSI) back below the technically over bought level and pulled down the Moving Average Convergence Divergence indicator (MACD) from its recent new high on the signal line. The Measured Move higher takes it to 67.50.
Merck, $MRK, pulled back from its recent high on the earnings report and is now heading back higher. The RSI here is also moving back higher after resting off the technically overbought level and the MACD is leveling. The Measured Move higher ion this one takes it to 53.
Pfizer, $PFE, is doing the same thing, settling after pulling back and now reversing higher. The RSI is back rising and the MACD has pulled back a bit and is stabilizing. The Measured Move higher in this name takes it to about 35. I hear Joshy (@ReformedBroker) likes this one too.
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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)
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