After the big run last year, the market has sorted itself out and now we have some stocks rolling over when others are turning up. Stocks that rolled over last fall seem prepped to start their next leg higher. These three stocks look like they are under way.
The first is Salesforce.com which topped out in early September with most of the large-cap tech. After a 7-month retreat, the PPO momentum indicator looks like it is resetting near zero and I would be looking for it to start turning higher. The stock is moving back above the 10-week moving average this week as well as 6-week highs.
The next stock I like is Visa with the chart about to break out to new highs. Visa ran up to the September high, but continues to struggle trying to break above that level ($215). If the stock can jump a little, it would be good to break the downtrend in momentum on the PPO as well as the relative strength shown in purple.
L3Harris Technologies is pushing to new 52-week highs. The chart has a few attributes I like. The PPO indicator displaying momentum is pushing up to new highs. The relative strength downtrend has broken and has started to make 3-month highs.
Its a changing world out there and a wide variety of names are rotating into strength. Be on the alert for some of the great companies starting to make their runs.
If you get the chance, you might enjoy this weeks Market Buzz where I discussed Gold. I know, it is out of favor. But that is the best time to look at commodities.
I’ll be hosting Friday’s Final Bar (April 9) which can be viewed on StockCharts TV and the Youtube Channel after the market close.
You might enjoy Friday’s Your Daily Five on StockCharts Youtube channel as well! It will be on posted Friday morning!