The Pharmaceutical stocks had a great November with 20 of them making a new 52-week high on at least one day within the month. This big bullish industry setup has some great charts. Here are three of the best-looking charts.
Abbott Labs – ABT
Abbott Labs is poised to make another new high. Investors can see the stock has been outperforming the $SPX by noticing the rising level on the purple area chart. The dividend yield is a little light at 1.5%. The price, the technical ranking – SCTR – and the relative strength in are all in uptrends. The PPO has just turned back up again.
Johnson and Johnson – JNJ
JNJ’s chart shows the stock breaking out in mid-November and then consolidating between $140 and $147. Friday saw the stock bounce off the level of the January high and looks set to make further gains with the support of the broad move in the industry. JNJ’s yield is 2.4%.
GlaxoSmithKline just broke out of a big 2-year base and looks ready to move above the former range. The Relative Strength is just starting to break out to new one-year highs. The price action looks great and the yield is a bold 5 %.
The pharma stocks had some of the biggest moves last week. With these setups and the strong breadth of performance from the industry, this could definitely power higher. I would suggest looking closely at the pharma group as I think there are some nice opportunities within it. Always trade with stops and do you own due diligence.
If you would like to watch my weekly review, here is this week’s link. Markets Rally In Late November.