McKesson Corp. beat and raised on October 31st. Volume on the gap up was spectacular. For the last two weeks it has consolidated, and has been strong enough to never pierce the gap. This is a very bullish chart, and makes for an easy “set it and forget it” type trade.
Although the stochastics are overbought, the strength of the intial move suggests it may stay overbought for some time, similar to March, April, and May.
RSI(2) is also close to overbought, but it too may stay overbought for some time.
Healthcare has been strong on a relative basis. MCK is setting up for a possible leadership position within the wholesale drug and services sector.
Woody, please explain how you use RSI 2.
could be a decent play,cheers
Wood,was looking at a chart of CELG (daily-400 day) the fucker bounces off the 200ma like a super ball,its expensive as far as P/E and P.E.G,just wondering what you think if you get a chance.
Juice, I’ll try to get a post up on RSI(2) asap.
Post break-out,MCK bounces off beautifully at 63.2 (62% Fibnocci retracement). I wonder if I should chase, given the current market!!
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