Top Three Strong Uptrending Channel Stock Scan Nov 19

Nov 19, 2015: 2:24 PM CST

What three stocks in the S&P 500 are showing the strongest, most persistent “Uptrend Channel” right now that you can trade?

Let’s take a quick look at these names and what strategies may await you:

We’ll start with (EXPE) which developed a strong and stable uptrend through 2015.

The three price points to monitor (for trades and targets) are the $120.00 lower support trendline, $140+ upper resistance target, and the $131.00 “Midpoint Magnet” trendline.

As long as price remains bound within this rising pattern, the simplest strategy would be to buy into support, take some profits at the Midpoint (as is occurring today) and hold the balance until price touches the top of the rising trendline.

The same logical applies to all three stocks in today’s special “strong channel” uptrending scan.

Next up is Activision Blizzard (ATVI):

We’ve seen a Trendline Shift or acceleration of the uptrend through September 2015 for ATVI.

Share prices current are trading within a narrow, steeply rising channel between $34 and $38 per share.

The Midpoint is roughly the rising 20 day EMA near $35.50 currently.

Unlike EXPE, ATVI is already trading into the “profit taking” target at $38.00 per share (no buying here).

Finally Reynolds American (RAI) is our third stock scan candidate:

Similarly, RAI had a Trendline Shift in June 2015, resulting in a steeper yet still stable uptrend.

Key levels currently include the $45.00 per share lower support; $48.00 midpoint, and $50.00 upper target.

For more ideas from our simple yet effective stock scans (that generate trading ideas complex scans miss), see yesterday’s post “The Top Ten Stocks Trading above their 200 Day SMA.”

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Corey Rosenbloom, CMT
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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).

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  1. Three Strong Stocks Showing Uptrend Channel Says:

    […] By Corey Rosenbloom […]