Three Strong Stocks Powering to All Time Highs July 8

Jul 8, 2015: 12:38 PM CST

During yesterday’s reversal rally, 17 stocks in the S&P 500 made fresh new 52-week highs in ongoing uptrends.

While I’ve highlighted some of these names in prior posts, I wanted to focus on three stocks that not only cruised to a new 52-week high, but also powered to an all-time high.

Let’s jump straight into today’s special stock scan and pull our perspective all the way back to 1980 on the monthly chart.

Our first super trending candidate is our familiar friend Disney (DIS):

These charts and the stock scan are not meant to be trading recommendations – only to highlight selected stocks in the S&P 500 index which are strongly trending higher and just achieved a new all-time high.

Disney rose steadily until the late 1990’s at which point a decade of range-style behavior bound the price between $15 and $40.

The 2012 breakout set the stage for the stronger uptrend and near-vertical ascent of price that we see today.

We typically want to trade retracements in strongly trending stocks under the logic “stocks that are strong tend to get stronger.”

Disney has appeared in may similar stock scans along the way.

Next up is stable, stealthy trender General Mills (GIS):

While you may not have watched a Disney movie or visited a Disney theme park recently, you probably enjoyed a product from consumer goods company General Mills.

Being a stable name means “generally” less volatility and this stock has rewarded investors with its stable growth from where the chart begins in 1980 to present.

The “Angle of Ascent” is increasing which means the trend is getting steeper as more traders seem to be aware of this company.

Finally, similar Consumer Goods company Conagra (CAG) also sneaks its way to new highs:

Though the price chart is more volatile than General Mills, Conagra rallied strongly from the 2009 low near $15.00 per share to the current peak above $45.00 per share, tripling in value over the last few years.

Note the “Arc Trendline” pattern (one of my favorite price patterns) that took price up into the late 1990’s peak ahead of the bear market going into 2000.

Like Disney, price stabilized in a “lost decade” trading range before bottoming and surging to the current high.

Again, these are just three names you can study for additional analysis and possible trading opportunities.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

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).

3 Comments

3 Responses to “Three Strong Stocks Powering to All Time Highs July 8”

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