City Index | Jan 09, 2020 05:29
Fortune Brand Home & Security (FBHS): A breakout to new highs has been supported by a strong trend structure, following a period of consolidation at the highs. Furthermore, the breakout was seen in higher than average volume but. The trend remains bullish above 66.34 but traders could seek bullish setups above 66.15.
Kansas City Southern (NYSE:KSU): After consolidating for over two months around record highs, we finally saw a bullish breakout on a strong close to fresh highs. It also appears to have confirmed an inverted head and shoulders pattern, which is a continuation pattern in an uptrend. Moreover, the breakout was on high volume to show strength coming into the move. Whilst the daily trend remains bullish above the 148.28 wing low, momentum traders could look for closer areas of support to aid with risk management.
Salesforce.com (NYSE:CRM): Monday saw a breakout from an 8-month basing pattern on high volume. If The pattern projects a target just below 20, if successful. Ultimately, we remain bullish above the 167.56 breakout level, but we’d prefer to see a pullback towards this key level or a period of consolidation.
Dollar Tree (NASDAQ:DLTR): The dead cat has bounced and is now rolling over once more. Following a 13% gap lower in late November, it spent best part of December trying (but ultimately failing) to lift itself from the lows. Bearish momentum has clearly returned and the correction appears to have ended at 94.94.
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