Two new stock signals tonight providing attractive risk-reward entries into long-term uptrends, $CI and $ICON, both of which will be entered at Thursday’s open.
CIGNA Corp ($CI)
Fairly simple stuff here. $CI has been in a very consistent and efficient uptrend for over a year, and has spent the last 5-6 weeks consolidating in a fairly tight range. It’s recently edged to new highs but without much conviction until today. I like the wide-range day to fresh highs, and although it wasn’t on great volume, in this light trading environment we can perhaps say it wasn’t without volume. I also like the close proximity of the stop, a meaningful close below the 8/15 close of $76.71, that will be enough and will coincide with the 50-day MA.
Iconix Brand Grp ($ICON)
$ICON shows a similar price chart to $CI longer-term, but has been slightly more volatile in recent months. Today’s advance took out the descending trendline from the 8/6 high and was on reasonable volume for the third session in four. A stop on a clean break of the 8/28 close at $32.21 makes for a good risk/reward trade here.