Opportunities from Today’s Strongest Trending Stocks Dec 29

Dec 29, 2014: 3:53 PM CST

As 2014 quickly rushes to a close, let’s highlight today’s strongest trending stocks and note potential opportunities that may develop from these candidates.

Here’s our daily list of strongest intraday trending bullish stocks:

I selected these stocks using our daily relative strength algorithm (which I use in each day’s free blog update post), only this time I plotted the stocks on the hourly chart instead of the 5-min chart as usual.

What we see is a broader perspective of opportunities and a context from where the bullish strength develops.

For example, our strongest bullish stock today is American Water Works (AWK) which triggered a short-squeeze impulsive breakout above the $54.00 resistance level (an instant buy).

Study the stock further for additional trades that may be setting up on pullbacks or additional short-squeeze upward price action.

Unlike AWK, Dynergy (DYN) is breaking strongly into a resistance level and thus is a less-attractive candidate.

The delicious Cheesecake Factory (CAKE) and Aqua America (WTR) are showing similar breakout potential like AWK.

Pay close attention to CAKE as it impulses up away from the $50.00 resistance level.

Let’s apply similar logic to today’s bearish or downtrending (weak) candidates:

Both Zendesk (ZEN) and Cornerstone onDemand (CSOD) are breaking or reversing lower from a consolidation into resistance.

This makes them attractive short-sale candidates as long as they continue trading down from their highs ($24.50 in ZEN and the $36.00 level in CSOD).

However, EV Energy Partners (EVEP) and Twitter (TWTR) began with a short-term downtrend and they are simply continuing the downtrend with additional downside price action.

EVEP continues to be a breakdown short candidate under $20.00 and Twitter could continue trading down to touch the prior low under $35.50.

As you study the stock scans each day, be sure to pull up the timeframe for additional information and opportunities.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

2 Comments

2 Responses to “Opportunities from Today’s Strongest Trending Stocks Dec 29”

  1. Shiek Says:

    I think opportunities are countless if we are able to pick up the trend correctly as that is ultimately what matters the most. I am able to find out the trend successful all thanks to having expert guide by OctaFX, they have highly qualified and educated team of experts which looks at the analysis which they provide us daily and it is so accurate that we can follow it with eye closed, so I exactly know about the trend moving that happens.

  2. Pawar Says:

    It’s very hard to predict any movement at the moment since the market looks pretty neutral, so we need to make sure whatever we do or decide, it should be with been sure, it can be seriously dangerous to go with not been sure about the trend. I really appreciate the great effort by this site to help us with knowing the trend while for me it’s even more helpful given OctaFX broker for their daily market news and analysis report.