The market continues to act well despite the runup in oil and interest rates. It is easy to get distraced by thinking about what the market “should be doing” in this environment, but don’t become paralyzed and let opportunities in individual stocks pass. “Trade what you see, not what you think”. In other words trade the trends, protect yourself with stops and if you want to trade oil then oil should be your focus, but stocks can and often do rally when oil is trending higher (check back later for chart of this).
CCMP (click on charts for better view)
Weekly chart shows room up to 40-42.
Recent support at the rising 20 day MA.
Buyers take control when the stock can make a higher high above 37.11.
Nice pullback to level of longer term resistance which is now becoming support.
50% retracement of recent rally.
Buyers regain control above the short term resistance at 13.35.