Home » Watchlist Week of August 8th, 2022

Watchlist Week of August 8th, 2022

AstraZeneca PLC (Long Idea)

I don’t often gravitate to big mega-cap names like AstraZeneca PLC (AZN), but this one is setting up beautifully.

Daily Chart of AstraZeneca PLC (AZN) – Source: TradingView

After a strong first quarter, shares began to consolidate and have been forming a base for over four months now.

Pullbacks have shallowed, and there is clear resistance near the $68 mark.

Institutions are also building positions in the stock. The number of funds that own AZN grew from 883 to 932 last quarter.

The stock is now trying to push through resistance. If it does, it could make a strong move.

Resources Connection, Inc. (Long Idea)

I added Resources Connection, Inc. (RGP) to the Watchlist last week but it has not yet broken resistance.

The company provides accounting, finance and human resources consulting services from 63 offices across the country.

Daily Chart of Resources Connection, Inc. (RGP) – Source: TradingView

This sector of the market is currently very strong, ranking in the top 7% of all groups.

After forming a large base from November to June, shares surged on huge volume to advance 20% in a week. 

Price then tightened again, forming a wedge pattern that I’ve outlined in the chart above.

This stock is also seeing a lot of accumulation volume. 

The big green volume bars on the bottom of the chart are signs of institutional buying, which as we know is the true driver of stock prices.

Watch for a move above $22, as this could trigger the next surge higher in RGP.

PROCEPT BioRobotics Corporation (Long Idea)

PROCEPT BioRobotics Corporation (PRCT) is a medical equipment company focused on the treatment of benign prostatic hyperplasia.

Daily Chart of PROCEPT BioRobotics Corporation (PRCT) – Source: TradingView

The stock went public in September of last year and has yet to trade above its initial push up to the $47 area.

For the last several months, price has held above the 21-day moving average while volume is declining.

If the stock makes a move above $46.00 on good volume, it could lead to a nice rally.

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Ross Givens
Ross Givens

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