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Three Stocks At Or Near Major Double Tops

As the markets continue to resist any sort of pull back or correction, many stocks have soared to major levels.  We are seeing quite a few hit not only 2010 highs but even approach all time highs hit back in 1999.  Below are three stocks that are at or nearing master double top resistance points.

Chevron Corporation (NYSE:CVX) is the first market moving stock nearing a major double top.  Currently, CVX is trading at $83.15, +1.84.  This stock is just below its 52 week high of $83.41.  This double top level was hit back on May 3rd, 2010.  There will be significant resistance in this range.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has been on fire as gold has hit new all time high after new all time high. FCX just crossed its 42 week high from January today.  The stock is currently trading at $91.15, +3.92.  While there should be resistance in this range, caution must be used as the price of gold will dictate if this stock goes up or down.

Lastly, International Business Machines Corp. (NYSE:IBM) continues to move towards its all time high of $139.19.  The stock currently trades at $137.26, +2.01.  This key double top and all time high stretches back to 1999 and is truly a major level of resistance.  The stock looks destined to hit it in the next few weeks, possibly sooner.

These and many other stocks are hovering at levels not seen in months if not years.  The markets look strong but the charts must be respected. 

Gareth Soloway
Chief Market Strategist