A quick look at a weekly chart of First Republic Bank $FRC shows an image of a stock that may be on the verge of breaking out of a nearly year-long base.
HOLLY took a long position back in late March that worked out beautifully which gives me added confidence in her most recent entry last week on Thursday. When HOLLY has displayed an edge, that most definitely has my attention. And the banking sector seems to be showing signs of rebounding nicely which again gives me more confidence.
As such, we’ll be adding $FRC to the HOLLY Hot List at tomorrow’s opening print.
SWING TRADERS: I’ll be adding First Republic Bank $FRC the @TradeIdeas HOLLY Hot List at the opening of trading tomorrow (Tues). HOLLY sniffs an opportunity that the stock may be setting up to break out of a 40 week base. https://t.co/0jtsUNxyyl pic.twitter.com/eInjodOhuf
— Sean McLaughlin 📈 (@chicagosean) July 9, 2018
This stock will remain on the list until such time that we experience a 20% pullback from our highest print while holding the name. The more aggressive amongst you can certainly lean against support at $96 if you’d like to keep your risk levels a little tighter.
HOLLY Hot List Update
Since our last update, the market has rebounded nicely and many of our high beta names have performed as expected. Teledoc $TDOC has soared to new all time highs, up 13% in the last 5 trading days. Korn/Ferry $KFY printed a new closing high for us today and it is up nearly 9% over the past 5 trading days. And Novocure $NVCR is another name printing a new all-time high for us today, up 7% over the past 5 trading days.
Our biggest laggards over that past week have been: $AGLE (-2%) $CQP (-2%) and $SIX (-1%). Not bad.
If you’d like to learn how HOLLY, the Artificially Intelligent Virtual Analyst, can improve your trading and investing results, please visit Trade Ideas.
Good luck out there!
~ Sean McLaughlin (@chicagosean)