Trade Ideas: WAT

It was all 'Go!' in afternoon trading as markets put an end to last week's post-holiday malaise. Heavy volume gains saw new near term highs in Tech, semis-, and the Dow. With smaller gains in the S&P and Small caps. The next challenge points for the tech markets will be the 200-day MA, while for large caps it will be all-time highs.

The Trade Ideas scan worked at a reasonable clip; to select 8 different picks took the software 1 minute of time. The most frequent stock to appear on the list was Waters Corp (WAT). It featured on the scan 51 times.

The stock is a bit of a slow burner. Tuesday's action broke the declining channel from May, and should go on to challenge $46.47 resistance. Stops can go on a break of $42. The point-n-figure chart hasn't reflected the new optimism, as it is neutral for a price pattern, and has stuck to a previous bearish target of $32. A move to $47 would kill that target. As for an upside target; a measured move would take it to $60.

Waters Corporation, together with its subsidiaries, manufactures analytical instruments worldwide. It designs, manufactures, and sells high performance liquid chromatography (HPLC) instruments, ultra performance liquid chromatography (UPLC) and mass spectrometry (MS) instrument systems, and associated service and support products, including chromatography columns and other consumable products.




If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.



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