Poised for a Lift

The major indices bounced off very clearly defined levels of support last week to close near their highs. As I note in a Columnist Conversation post Friday, certain chart formations may have appeared to be positive hammer candles at first glance, but they could have been interpreted more as bearish hanging man candles -- and, in that case, a period of backing and filling would be constructive.

We may see some of that over the next few days, but as long as the integrity of those prior support levels remain intact, the intermediate-term outlook will be positive. In that context, stocks that have recently tested support levels of their own and looked poised to move higher, offering trading opportunities with good risk-reward scenarios....266 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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