Stocks ended largely unchanged after crawling along the flat line for most of the session Monday as traders hesitated to jump in ahead of Fed Chairman Ben Bernanke’s remarks.
Notably, shares of Covance Inc. (CVD) bucked the overall trend, soared 2.06% on explosive volume to 63.83 – a new 52-week high. This is bullish from a technical perspective. In fact, as the chart below indicated, CVD could climb up to test key technical resistance near 77.50 as it extends Monday bullish breakout. Just so that you know, initially profiled in our March 29, 2011 “Swing Trader Bulletin” CVD had gained about 15% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for CVD. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Covance Inc. (daily)
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