Stocks were hit hard in mid August with the S&P 500 and many stocks plunging below their spring-summer lows. This means stocks that held their summer lows are by definition showing relative chart strength because they did not break a key level. The chart below shows CVR Refining (CVRR) hitting a new high for 2015 and then falling back towards the July lows. These lows held as the stock bounced last week with a surge above 19. This bounce off support is quite positive and the August highs are the next challenge. The indicator window shows the SCTR breaking out in July and hitting a new high for 2015. Notice that this breakout just before the wedge breakout on the price chart. Overall, the SCTR held up well in August and this means CVRR retained its relative strength.
Click this image for a live chart.
