Johnson Controls reported earnings this morning but the chart was already breaking out to new highs last week.
As part of the Cyclicals sector this is a very promising break out. This one year consolidation makes it very interesting. With 2 high volume up days last week that were larger than any up days in the last year, some funds are getting interested as well. The SCTR has just broken above 75 and looks nice and strong here.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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