Walgreens Boots Alliance (WBA) has recently pushed above a breakout level and then pulled back to retest. Today, the stock looks ready to breakout above the previous resistance shown in red again. Thinks looks like an important area to watch. If defensive stocks start to accelerate, this is well positioned to be one of the first to break out.
The MACD is bouncing close to the zero line after pushing to a fresh 6-month momentum high in December. The down days recently have been on light volume while the up days have been on higher volume. Thats a positive. The overall market is close to its highs, but a lot of stocks that recently tried to rally have pulled back. Perhaps this is a clue that there is some rotation to defensives. Anyway, its definitely one to watch.
Good trading,
Greg Schnell, CMT, MFTA
