McKeeson Breakout of ascending triangle.
Volume has dried up nicely as pattern has been forming.
In a good sector and breaking out to new all time highs.
Watching RSI and MACD for profit targets.
Breaking out on 25th of July was on above average volume giving more conviction behind the move.
McKesson is breaking out from a textbook volatility compression pattern. After a strong run higher in Q1, shares have formed a base with pullbacks shallowing from 12% to around 6% - a sign that sellers have been exhausted and supply is no longer coming to market. This will allow the stock to accelerate freely as demand increases for this stock.
Fundamentals look...
This stock has been an amazing performer with a very long rise up and a bit steep at times.
There appears to be a lot of buyers inside this stock.
Yearly and 3 year low is 112.60.
Rectangles are horizontal trading channels and are neutral until a trendline is broken. Price can stay inside this channel for quite a while bouncing up and down between trendlines. It...
A bullish trend is applicable above 320.00 Crossing below this level will negate the bullish stance.
Further bullish trend support above 325.50.
Consolidation range between 324.00 to 332.00.
Crossing above 332.00 might target 344.50.
Crossing below 324.00 might be the first glimpse of weakness.
A bullish megaphone pattern might be applicable.
The PEAD projected a Neutral outlook for $MCK after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 100%.
MCK stock price is losing momentum and indicating a trend reversal, fear leads to panic selling as fed will most likely raise the interest rates by >=50bps
still going through some screens but so far nothing really jumps out at me.. oil and gas still the leading industry but all ST extended to me.. no setups at the moment.
MCK closed at 318.18. MCK presents an interesting short oppourtunity after putting in a potential topping pattern at 320, near the 1.0 fib off of it's monthly move. MCK can break below 317.43, then move to test 313, and more likely 302. MCK has been extraordinarily extended, and is ready for a larger pullback. If MCK can clear 322, I would avoid puts.
Here we have a great opportunity for stock growth.
If the trend continues, the target price would be 80% of the current over a period of up to 2-4 years.
It is only for long-term investors.
Good luck with trading !!!
Additional avenues for analysis - considering more the market space and the peer set, diving more into growth prospects and other analyst commentary, and understanding the context for which multiples change and how you can be prepared for that.
Cheers!
center stage attention
stock
our system found that MCK received most attention over the course of last week.
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we see a moderate negative correlation with our image indicator. We therefore assume that prices are driven partial emotionally as there is probably some other catalyst with regard to the company resulting in an uncertain pricing.
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Long 1000 $DGX
Short 748 $MCK
Mean Reversion Time: 14 Trading Days
![MCK: the b[AI]te's weekly insights -- MCK 2021-03-01](https://s3.tradingview.com/a/aSlXL5XV_mid.png "the b[AI]te's weekly insights -- MCK 2021-03-01")
