The names popping up on the bullish scans for weekly charts don't exactly shout out momentum names you hear in a bull market.
Insurance, waste management, and medical equipment dominate the list. While this has me questioning the current bounce, these are still seven names to take a look at from a technical perspective on a Sunday afternoon. They share similar setups.
Price broke out last week after a period of consolidation. This week should be a confirmation week in terms of price and anything ready to push higher for the next few months. We shouldn't see much of a pullback this week. Long-term trend has shifted to bullish as indicated by the bullish crossover in the MACD. All the names are also demonstrating strong momentum and ticking in between 65 and 72 here, so strong, but not overheated.
Lastly, On Balance Volume (OBV) is improving, although I tilt slightly in favor of the names with the OBV measuring above the 21-week moving average. So, take a visual walk down the charts of these seven and see if any tickle your fancy as possible positions over the next several weeks. I will watch this group for a continuation early this week before getting involved.
The pace of the economic recovery has cooled in recent weeks. And some businesses might start making larger spending cuts if they feel the economy will be under pressure for a while.
It is tough for the bears to gain traction with their macro arguments, when dip buyers and aggressive pockets of trading action remain -- so continue to look to price action for guidance.
Not every uptrend is worth buying -- even EverQuote's.
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