With the US equity markets back on the rise today, it’s time to review the watch-list for some quality trading setups and long ideas.
The following stocks are a sampling of what we’re watching over at The Trade Risk. Each of these stocks is attempting to breakout above key levels: Dick’s Sporting Goods (NYSE:DKS), Alcoa Corporation (NYSE:AA), and Potash (NYSE:POT).
1. Dick’s Sporting Goods (DKS)
Shares of $DKS are trying to emerge as a breakout candidate from a multi-month base. A strong close today above 61 is likely to set this pattern into motion.
2. Alcoa (AA)
Shares of $AA are looking good after pulling back for about a week and digesting the November run up. It now looks like we have a low risk entry to jump aboard Alcoa’s stock for a developing uptrend… or for a quick profit play on a trade back to recent highs.
3. Potash (POT)
This looks to be setting up as a longer term trade idea as Potash attempts to reverse a multi-year downtrend. Potash stock is breaking out above significant long term resistance.
Hopefully these ideas are actionable for your strategy and if you do like these patterns, check out premium services for more ideas, market commentary, and trade alerts.
Thanks for reading, and good luck out there.
Twitter: @EvanMedeiros
The author does not have a position in any mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
