Today I am going to go over some larger cap stocks for a change. They have good volume and liquidity. Plus brokers also like them. However, since they are large caps they do tend to be slower movers so I would suggest that retail traders avoid these stocks and stick to higher momentum portfolio stocks.
Citigroup, Inc. (C)
In the banking sector we have Citigroup. If you look at the daily chart you can see that it is in a two month long consolidating slim jim. Right now it is in a wave 3 to 4 correction and with a confirmed breakout of 49.76 it would be a buy.
Caterpillar Inc. (CAT)
On the daily chart of CAT you can see that it has broken out of a triple top. If the Dow is going to go higher CAT will help it lead the way up. However, I would only recommend that you buy it on a back test to the uptrend line at $60.00 ish.
Hewlett Packard Co. (HPQ)
Just a with CAT the daily chart of HPQ has also broken out of a triple top ascending triangle. When it pulls back to form a bull flag, I would buy that dip. In addition, all indicators are bullish signaling momentum ahead.
United Technologies Corp. (UTX)
When you look at the daily chart of UTX you can see that it has been in a sideways consolidation pattern/slim jim for four months from August to November. This shows that bulls and bears are equally frustrated and are busy battling it out. As you can see, once it broke above 52.24 the move from wave 2 to wave 3 was parabolic. Right now it is in an ABC correction. As long as UTX does not go below 52.50 it is a buy.
Exxon Mobil Corp. (XOM)
On the daily chart of XOM you can see that it is forming a large symmetrical triangle. In addition, it looks like a failed topping pattern as well an irregular flat. It is also showing up in the pattern scan as a double bottom with the potential to make new highs. Should XOM back test the trendline I would recommend it as a buy.
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