In this chart we're looking at Becton Dickinson & Co on the 1W chart as price has consolidated into an ascending triangle . Price has recently broken through the horizontal resistance around $263 with a strong weekly candle. Breakout was confirmed after price broke through $271. I just came across this company's stock this weekend, so I missed the initial...
We have a potential trading range opportunity setting up. Price appears to be moving down towards the support area. It's still early so anything can happen. We will have to watch this stock and see if price goes where we want it to. If it does, we should look for bullish evidence around the support area. You can use a variety of methods to determine that including...
We could hypothesize that the correction to the previous propulsive wave has been realized with a corrective wave of the "flat" type, which seems to have expressed its end resting on the support at 210 $. Signal of probable beginning of the propulsive wave given by the value of the RSI dropped to 20.
This idea came across my scanner last week. I never got into the trade... And probably wont as I just wont get a entry with much tolerance to downside.
Bullish above RSI 69.1 and RSI Uniformity line. use Uniformity line as a sell signal
Personal note: Idea from "alternative 2" scan
After publishing a chart on KSS for its favorable fundamental situation with the stock oversold and expectations low, I decided to find another stock where the valuation looked high with it technically overbought and running into a wall of overhead resistance.
I found this condition in BDX, a manufacturer of medical devices, many of them disposable.
Notice how...
BDX
