May Scanning for Sneaky Stocks with Consecutive Uptrending Closes

May 29, 2014: 7:35 PM CST

With the S&P 500 both at all-time highs and on another similar “consecutive up-close” streak like that of December 2013, let’s take a look at lesser-known uptrending stocks that top the list of “most consecutive up-closes” in a strong or developing trend.

We’ll simply list the names and highlight some of the charts for you to do your own analysis and potential trade planning on pullbacks or further breakouts.

Amerisource Bergen Corp tops our current flash-freeze list with 14 consecutive up-closes since breakout out in early May above the $65 per share level.

The stock showed a similar structure and 50 EMA breakout to what I highlighted about the same time for Netflix NFLX in an open blog post.

Cerner (CERN) follows ABC with a 10-day consecutive close to the upside pattern and it too broke above its falling 50 EMA as did Netflix/NFLX as mentioned above – this is a popular reversal pattern that doesn’t always lead to big gains, but it’s something to watch for a good trade entry/breakout opportunity.

Entergy Corp (ETR) has been a beast of a stock since reversing up off the $60.00 per share level then breaking out above the $66 per share resistance pivot in April.

Note the surge in volume and momentum on the breakout through resistance into “Open Air” which has culminated in a strong rally from the $66 breakout to the current $76 level.

Interpublic Group (IPG) simply continued a rising parallel trendline channel like that of the S&P 500 only to power-rally and short-squeeze above $18.00 with a sustained, multi-day (9 day) upside rally.

Today’s candle is threatening as it is a reversal into $19 but note volume and momentum just confirmed with new highs.

Finally, Norfolk Southern (NSC) continued its stellar swing with a clean breakthrough and close – despite reversal candles – above the $100 per share reference level.

It will serve as a focal point for traders in this overextended and nine-day in a row bullish close.

For those keeping track, other top trending stocks in the scan included:

Allegan (ALLE – 9 days up), Linear Tech (LLTC – 9 up), Omnicom Group (OMC – 8 days) and PG&E (PGC – 7).

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Corey Rosenbloom, CMT
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