Today I used Barchart to sort the NASDAQ 100 Index stocks to find the ones with the most frequent new highs in the last month and Staples(NASDAQ:SPLS) the office supplies retailer was on the top of the list. As I further researched the stock I have no idea why?
Barchart technical indicators:
- 96% Barchart technical buy signals
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
- 13 new highs and up 30.32% in the last year
- Relative Strength Index 86.29%
- Barchart computes a technical support level at 17.48
- Recently traded at 18.13 with a 50 day moving average of 14.17
- Market Cap $11.59 billion
- P/E 17.83
- Dividend yield 2.69%
- Revenue expected to shrink 2.40% this year and another 1.60% next year
- Earnings estimated to decrease by 3.34% annually for the next 5 years
- Wall Street analysts recommendations are all over the map with 1 strong buy, 1 buy, 14 hold, 3 under perform and a sell call on this stock
The 20-100 Day MACD has been the most consistent trading strategy on this stock. Since revenue and earnings forecasts are negative and even the Analysts are in conflict I'd recommend a moving stop loss about 10% below the current high to protect your profits.