As I continually preach – build a watch list of high-ranked, fundamentally sound leaders which are setting up in bullish technical bases of consolidation. When they break out, those are your buys.
Early each market morning I am diligently screening through hundreds of high EPS and RS ranked stocks that have solid fundamentals.
I am looking for those select few which are setting up in bullish technical bases and which looked poised to possibly breakout.
For the few I find, I assign each their own specific trading criteria such as a TRIGGER PRICE and MAX BUY PRICE and add them to a report I call – the Stock WatchList: Morning Update.
If a stock from that morning report breaks out above its TRIGGER PRICE, I then issue a BreakOut Alert.
From there the breakout’s volume is checked and monitored, and if the day’s volume is at least on pace to be +50% above the average daily volume, then that particular stock is confirming a BUY signal.
Simple as that.
This Past Week There Were Two High-Ranked Buyable BreakOuts From the…
Stock WatchList Morning Update
#1 Incyte Corporation (INCY – Nasdaq) focuses on the discovery, development, and commercialization of proprietary therapeutics in oncology in the United States and internationally.
This stock was included in the Stock WatchList: Morning Update that was emailed to all subscribers at 8:30 AM on the morning of 11/30.
I noted in this past Monday morning’s report at 9:15 AM – “Our INCY broke out above its downward trendline on Friday (1/6) with a +31% increase in volume. Just watching to see if shares can clear resistance on the previous highs (near$110) in the same fashion.”
Shares made a news-based break out that morning as INCY opened with a gap up above the stock’s TRIGGER PRICE of $110.05. Volume was noted then as confirming a BUY signal.
|
SYMBOL
|
PROFIT/
LOSS |
ADDED TO
WATCH LIST |
BREAKOUT
DATE |
BUY
PRICE |
|---|---|---|---|---|
| INCY | +3.06% | 11-30-16 | 1-9-17 | $114.25 |
Chart courtesy of stockcharts.com
In an afternoon update I noted that “gap opens” such as this one can be tough to buy, and may continue to be volatile, so caution is advised for those who may have bought by default this morning.
Shares did hold up the following session, yet sold off on Wednesday with above average volume.
The stock was quickly back to making gains on Thursday (+2%), however volume did lack conviction.
Friday’s action was muted with quiet trading ahead of the 3-day holiday weekend.
Going forward, any trading below the recent lows ($112.50) would be the first concern, especially if an eclipse of that level is coupled with above average volume.
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#2 AngioDynamics, Inc. (ANGO – Nasdaq) designs, manufactures, and sells various medical, surgical, and diagnostic devices for vascular access, surgery, peripheral vascular disease, and oncology in the United States and internationally.
This stock is highly-ranked and has a very good fundamental history.
It was first included in the Stock WatchList: Morning Update report that was emailed to all subscribers on 11/20 at 8:30 AM.
It broke out this past Friday, as shares traded above the posted TRIGGER PRICE of $17.74, and a BreakOut Alert was emailed at 11:27 AM that morning.
In that BreakOut Alert I said – “At this point the volume is confirming a buy signal.” This was as the stock was trading at $18.01.
|
SYMBOL
|
PROFIT/
LOSS |
ADDED TO
WATCH LIST |
BREAKOUT
DATE |
BUY
PRICE |
|---|---|---|---|---|
| ANGO | -1.11% | 11-20-16 | 1-13-17 | $18.01 |
Chart courtesy of stockcharts.com
For those who may have bought this latest breakout, the stock did pull back a bit from the highs, yet still posted a solid +3% gain on Friday as the volume was twice the normal rate.
As with any fresh breakout, this stock needs to be closely monitored.
A pullback into the previous base (the highs $17.50) would be the first concern, especially if those declines are coupled with an increase in volume.
Support below there is offered by the 50-day moving average, which is currently at $16.72 and -6.5% below Friday’s close.
From there we have the previous lows for support at $16.
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About the Site’s Founder
For more than 8 years James had served as Editor-in-Chief an independently licensed website that offered stock reports and services based on the CAN SLIM® investment system.
He has developed a knack for being able to quickly and accurately analyze high-ranked stocks based on this winning investment strategy.
Over the years, Mr. Taulman has enjoyed assisting individuals from professional money managers to private investors with their needs in relation to implementing this investment approach on a daily basis in the current marketplace.
Each Sunday you could hear him deliver his weekly market report as part of the “Your Money Matters” radio program on ABC and CBS radio networks.
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