Trade Ideas: ROP

Solid gains in the markets didn't really translate to the Trade Ideas scan. There were too many energy and defensive plays on the real-time scan to suggest good breadth to Tuesday's actions. Traders remain skeptical about jumping into this market with two feet. In terms of frequency, for the scan to generate 8 different stock picks took 1 minute.

The best looking stock on the list was Roper Industries (ROP). A three month channel consolidation was breached to the upside. The 50-day MA looks to be support where before (in July) it was not (although the 200-day MA fit the bill in that case). Stops can be placed on a loss of the 50-day MA. Look for a move to $60, even though the point-n-figure chart shows a downside target of $34 (but no price pattern).

Roper Industries, Inc. engages in the design, manufacture, and distribution of energy systems and controls, scientific and industrial imaging products and software, industrial technology products, instrumentation products and services, and radio frequency (RF) products and services. The company operates in five segments: Instrumentation, Industrial Technology, Energy Systems and Controls, Scientific and Industrial Imaging, and RF Technology.

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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