From the desk of Tom Bruni @BruniCharting
Last month we added the Investors Business Daily 50 List to our chart coverage. This list combined relative strength and strong fundamentals to highlight 50 of the best stocks in the market. Today I updated the Chartbook for members, so I wanted to highlight some of the best names I’m seeing on this list across several sectors of the market.
First, let’s start off with a daily chart of the IBD 50 ETF $FFTY. Prices have been in a strong uptrend and look to be continuing higher after a failed breakdown below 35.15 and test of the 200-day moving average (if you’re into that sort of thing). Momentum remains in a bullish range, so if prices are above 35.15 our upside objective continues to be 40.75.
Click on chart to enlarge view.
CyberArk Software Ltd. is breaking out of a multi-year base to confirm the start of a new structural uptrend. If prices are above 70 we want to be long with an upside objective of 94.30.
Encompass Health Corporation is another name that continues to work on the long side after a big breakout about a year ago. If prices are above 77.40 we want to be buying weakness, with an upside target of 106.50.
Palo Alto Newtworks Inc. has been consolidating above its 2015 highs. If prices are above 200.30 we can be long with an upside objective of 257.70. If prices do make new highs, we want to see that confirmed by momentum breaking back into overbought territory as well.
Viper Energy Partners just recently broke out of a 4-year base, clearing its post-IPO highs. While a pause at these levels would be healthy, if we’re above 35.50 the bias remains to the upside with a target of 52.80.
World Wresting Entertainment Inc. has been consolidating above our previous price target of 79.45 and looks to be continuing higher. If prices are above that level we want to be long with an upside target of 119.80.