Friday, April 8, 2011

Active Screen - CANSLIM: Top 8 for April 8th

There was no change at the top for the eight stocks ranked by Market Cap: Apple (AAPL), Vale S.A. (VALE), Free McMoran (FCX), Barrick Gold (ABX), Baidu (BIDU), Research in Motion (RIMM), Cognizant Technlogy (CTSH), and Intuitive Surgical (ISRG). The Screener setup was as follows:

Last weeks tepid market action did little to change the larger picture for these stocks.

For Apple (AAPL), the stock appears destined to test the neckline of a head-and-shoulder pattern.

Zignals Chart Image

Vale S.A. (VALE) was able to briefly push through its 50-day MA before returning back to the key moving average on what amounted to a sizable bearish engulfing pattern (i.e. there is a good chance it won't stop at the 50-day MA for long).

On the flip side, Free McMoran (FCX) was able to comfortably hold its 50-day MA and continues to advance to its last reaction high at $61.25.

Barrick Gold (ABX) has managed to breach $54 on decent volume. The narrow trading of the past few days sets up a respectable long side opportunity with a stop on a loss of $53.50.

Zignals Chart Image

Baidu (BIDU) added to last weeks breakout and is attempting to build support at $135. However, stronger support looks to lurk at $130.

Cognizant Technology Solutions (CTSH) failed to push on from its narrow trading range. Instead it eased back towards $80 and may try and test $78. Selling action is low key with little volume behind it. This may represent complaceny, but given the strength of the multi-year advance it looks more like a buyers pullback.

Research in Motion (RIMM) is hanging on to its top-8 status. The stock has given up on its 200-day MA and is struggling to regain support from this important long term moving average. A move towards $44 from its current price of $54.80 would look favoured.

Zignals Chart Image

Finally, Intuitive Surgical In (ISRG) has done what is has long threatened to do and pushed sharply higher. The huge breakout gap was barely violated as the 200-day MA rose to offer a place for buyers to come in. This looks to be the start of something good for the long term.

Zignals Chart Image

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