The dull snooze that has settled on the Street continued last week. Once again, the S&P 500 circled the $2,270 level day after day. Stock lovers tiring of the sideways stroll should remember the enormous gains captured following November’s election.
Even world-class performers like the S&P 500’s component companies need the occasional respite. Fortunately, bullish stock charts are continuing to multiply beneath the surface. Some stalwarts are breaking out to new highs, sleepy market notwithstanding. Others are retreating to support levels providing lower risk entries in the process.
I’ve scoured my watchlist for the best of the best, and the market gods didn’t disappoint. Today’s trio of picks is beckoning to you. Behold, three bullish stock charts that scream “buy me!”
3 Bullish Stock Charts to Buy: Micron Technology (MU)
Micron Technology, Inc. (NASDAQ:MU) tops our list with a clear falling wedge pattern.
Since vaulting higher during its pre-Christmas earnings release, MU stock has been in gap-filling mode. And that’s a good thing. Micron was overbought following the jump making them an unattractive purchase. With the recent drop, the stock is now nestled close to its rising 20- and 50-day moving averages.
Rather than plowing in now, I suggest waiting for upside confirmation. A break above the descending trendline (shown in chart) should do the trick. Buy MU shares over $22.40.
3 Bullish Stock Charts to Buy: Adobe Systems (ADBE)
Adobe Systems Incorporated (NASDAQ:ADBE) shares are tagging new all-time highs this morning. The computer software company has been absolute paradise for bulls. Since breaking out in 2013, ADBE stock has almost tripled.
Recently, the price action in ADBE has taken on the form of a quasi-cup-and-handle pattern. With the right side of the pattern now complete and moving averages stacked atop each other in bullish fashion (20-day above 50-day, 50-day above 200-day), the stock is ripe for a buy.
Buy ADBE shares now.
3 Bullish Stock Charts to Buy: Netflix (NFLX)
Netflix, Inc. (NASDAQ:NFLX) shares round out today’s selections. The entertainment titan just smashed earnings expectations and was rewarded with a modest up-gap to all-time highs.
Profit-taking has taken NFLX stock down a few bucks since then, but the breakout is still very much intact.
While Netflix may need some further churn before its next ascent, any and all dips are a gift at this point. The key is waiting for upside confirmation before wading into the waters. Consider waiting for a break of a prior day’s high before buying NFLX stock.
Friday’s high was $140.79, so right now that’s your line in the sand.
As of this writing, Tyler Craig did not hold a position in any of the aforementioned securities.