Although Oppenheimer technical analyst Ari Wald urges caution when it comes to trading the stock market at the moment, his new report details several stocks that the firm believes are strong buys based on what Wald currently sees in their charts. According to Wald, the S&P 500 has yet to show “evidence of a compelling top,” and selective stocks remain ripe for the picking.
Here’s a breakdown of eight charts that Wald likes.
Specialty Retail
One sector that Wald likes at the moment is Specialty Retail, and The Home Depot Inc HD is currently positioned particularly well from a technical standpoint on both its standard chart and its chart versus the S&P 500.
Wald also sees recent bullish technical inflections in both charts for Ross Stores Inc ROST.
Healthcare Equipment & Supplies
Another group that Oppenheimer likes at the moment is Healthcare Equipment & Supplies. Abbott Laboratories ABT has maintained a tight, healthy uptrend in its standard charts for several years now, and recently broke above resistance on its chart versus the S&P 500.
The charts of Stryker Corp SYK show a similar pattern.
Oversold buys
In addition to stocks that have been particularly strong so far in 2015, Oppenheimer also likes four stocks that have demonstrated recent weakness. Although these stocks may have been slumping lately, Wald believes that they still have strong technical support levels in place and are now poised to resume their uptrends.
According to the report, the four best oversold buying opportunities are Avago Technologies Ltd AVGO, E*TRADE Financial Corp ETFC, CarMax Inc KMX and McCormick & Co Inc MKC.
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