Thursday, July 14, 2011

Active Screen - CANSLIM: Top 8 for July 14th

There was no change in the top-8 qualifying stocks from June 28th.

The CANSLIM stock screener settings employed were:


Top of the list remained Apple (AAPL). It continued its rally off channel support, not pausing as it broke through channel resistance. It is currently knocking at the door of the 52-week high at $365 with support at $350. A loss of $350 would leave a small 'bull trap', making it harder to mount another challenge on the 52-week high.

Zignals Chart Image

Vale S.A. (VALE) gapped out of its 6-month declining channel and in the process closed above the 200-day MA. Since the break it has been lingering around the 200-day MA, but has held well above the former channel. There are two overhead resistance levels at $34 and $35; a break of the latter sets up nicely for a challenge on $37 as $35 would turn into strong support (i.e. good risk:reward)

Zignals Chart Image

Baidu (BIDU) posted a channel break on June 28th. In the past couple of weeks the stock added to the break with a push to $148 before easing the past few days into the low $140s. Volume has been light, so whether there is the momentum to mount a challenge on $154 remains to be seen. Support at $137.

Zignals Chart Image

Barrick Gold (ABX) is in a bit of a limbo. The good news is the bearish head-and-shoulder pattern has broken. The bad news is the resulting rally has converted the head-and-shoulder into a broad, sideways consolidation; support at $42-43 and resistance at $54-56. The spanner in the works is the 200-day MA which is currently playing as resistance.

Zignals Chart Image

Cognizant Technology Solutions (CTSH) recovered from its drop below $72 and 200-day MA support to rally as high as $77. It's currently leaning on the 200-day MA as support but if this fails then the broader downward channel can't be ignored.

Zignals Chart Image

Netflix (NFLX) has been rising steadily in the face of market negativity. The current advance has yet to confirm a rising channel, but there is a 'natural' upside target for bulls to aim for.

Zignals Chart Image

Agrium (AGU) maintains its low key, range-bound trading. Prior supply around $80-85 has shifted to demand with additional support at the 200-day MA.

Zignals Chart Image

Silver Wheaton (SLW) escaped the squeeze with an upward break, rallying past $37 resistance and up to the March swing low at $38 (minor resistance). Volume has picked up along with the rally which favours its continuation. Key resistance at $46, support at $37.

Zignals Chart Image

------

Why not create your own Active Stock Screen. Watch this video to find out more:



Take this a step further and build an Alert on to your Active Screen list.



Why not start your Zignals Trading Strategy Business with us today? Learn How to promote your Zignals Trading Business with Twitter.
Follow us on twitter here
Build a trading strategy in Zignals and potentially earn money too; download our Build a Trading Strategy PDF and get selling (and trading) today!

Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies via his Zignals home page. Each Zignals member has an unique home page which they can share with friends and clients to sell their strategies.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!

blog comments powered by Disqus