Broadcom (BRCM) surged ahead yesterday in a clear breakout from the recent trading range. The February/March highs just below $50 now present themselves as a new intermediate term target.
International Paper (IP) was presenting a rising wedge formation on Friday, which often precedes an upward price breakout. The stock moved up on almost twice the average daily volume, and Clive Corcoran suspects that there is further upside potential.
Intel (INTC) has turned round three times over the last few months, and yesterday’s 2.2% drop on substantial volume may be pointing to the beginning of a tradable corrective period.
International Paper (IP) has straddled the converged moving averages for many sessions in a rising wedge formation. Clive Corcoran writes that this pattern often precedes an upward price breakout.
Clive Corcoran writes that in the current market environment traders need to be cautious about taking on too much long exposure, and that there are very few setups in scans of individual stocks that are obvious shorts.
Clive Corcoran will be monitoring Expeditors Intl (EXPD) today for continuation of what could be a break above a trading range that has prevailed since mid August.
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