Trade Ideas: SRCL
Today may not have looked like much, but it was good to see yesterday's big gains hold. Tech markets still have the issue of overhead resistance at the 200-day MA, but at least large cap indices look likely to close at new reaction highs. Today's trading was the cup of tea after a long session of work.
My Trade Ideas scan chugged along; to select 8 different picks covered a time span of 4 minutes, longer than normal - but well within the (sometimes) hour(s) it takes during bearish declines. There was no one clear favorite; MIG at 34 times, was the most frequent stock on the day. But STA and SRCL made over 30 appearancs too.
I have opted to show Stericycle SRCL, as it looks ready to break resistance. It has been relatively quiet on the news front, after earnings were reported in late July. The last 6-months have seen a scrappy consolidation, but price action was formal enough to hold the 40-week MA as support (see the weekly chart). A push to $69 would trigger a quadruple top breakout on the point-n-figure chart, negating the current bearish target of $53. Look for a measured move to $80. Stops can go on a loss of $65.
If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.
Trade Ideas
SRCL
My Trade Ideas scan chugged along; to select 8 different picks covered a time span of 4 minutes, longer than normal - but well within the (sometimes) hour(s) it takes during bearish declines. There was no one clear favorite; MIG at 34 times, was the most frequent stock on the day. But STA and SRCL made over 30 appearancs too.
I have opted to show Stericycle SRCL, as it looks ready to break resistance. It has been relatively quiet on the news front, after earnings were reported in late July. The last 6-months have seen a scrappy consolidation, but price action was formal enough to hold the 40-week MA as support (see the weekly chart). A push to $69 would trigger a quadruple top breakout on the point-n-figure chart, negating the current bearish target of $53. Look for a measured move to $80. Stops can go on a loss of $65.
Stericycle, Inc., together with its subsidiaries, provides medical waste management services, infection control, and pharmaceutical returns and related compliance services. Its products and services offerings include medical waste management services; bio systems sharps management services that reduce the risk of needle sticks in hospitals; products for infection control; and pharmaceutical returns and product recall management services.
If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.
Trade Ideas
SRCL
