As the stock market moves ever higher, the opportunities to find compelling charts are becoming more difficult. Let’s face it: the vast majority of charts are showing either relentless strength, especially in technology and retail; or desultory underperformance, most notably in energy and materials.
Fortunately, there still are some chances for the technically inclined to find charts that appear set for sizable moves. Although compelling cases can be made both for and against a continuation of the bull market, the following stocks can provide you with some beta no matter which way you’re looking to bet:
Charts for the Bullish
The large-cap health care giants might not be the most fertile ground for technicians, but the same isn’t true for the small- and mid-sized stocks in the sector. And right now, five stocks are on the verge of breaking out if the broader market can hold up:
Quest Diagnostics
NYSE:DGX
Tuesday’s close: $60.62
52-week high: $61.47
Percent move needed for breakout: 1.4%
Varian Medical Systems
NYSE:VAR
Tuesday’s close: $69.97
52-week high: $71.95
Percent move needed for breakout: 2.8%
DENTSPLY International
NASDAQ:XRAY
Tuesday’s close: $40.09
52-week high: $40.37
Percent move needed for breakout: >1%
The Cooper Companies
NYSE:COO
Tuesday’s close: $79.97
52-week high: $80.25
Percent move needed for breakout: >1%
Haemonetics Corp.
NYSE:HAE
Tuesday’s close: $70.08
52-week high: $70.59
Percent move needed for breakout: >1%
Click to Enlarge Outside of health care, Coca-Cola (NYSE:KO) stands out as an interesting technical play from the bullish side. The stock might be pushing the high end of its three-year valuation range, but it closed Tuesday at $71.87, surpassing several September intraday highs in the low- to mid-$71s. Technical factors are less likely to move a stock of this size than they would be for a smaller name, but there might yet be further upside in this Dow stalwart.
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