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Stocks This Week: Buy EQT And ATI Technologies

The stock market is likely to extend its rally through the month. Market internal numbers have improved. New highs exceeded new lows for four of the last five trading days. This is a marked change from the beginning of the year. Here are a pair of buy candidates.

EQT was recommended in these posts earlier and the year and has performed well. The stock is currently number one in the relative strength scan of the S&P 500. We can see that the monthly cycle has bottomed, following the lead of the daily and the weekly cycles. The technical picture remains strong. The stock is likely to break through the old high at $50 and to challenge $55 over the coming month.

EQT Monthly Cycle

EQT Dai

DAI
ly Graph

Allegheny Technologies
ATI
s is one of the top ten members of the S&P 500 relative strength ratings. In fact, relative strength bottomed in mid-2020. The month of August has seasonally been a low point in the calendar year for price. Note below that the stock has broken out of a long rectangle, an indication of higher prices to come. The breakout is supported by higher lows in momentum. The $35 level is the first objective.

Allegheny Technologies Weekly Graph

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