Here are five names I looked at for a $1 billion Registered Investment Advisor:
Booz Allen Hamilton Corp – BAH found support around the $32 level after its recent selloff in mid-June. There was support around these levels because they were important resistance for almost two years. They were resistance in January and again in December of 2015, and again in July and September of 2016. It has been trending higher and now will probably run into some resistance around the $34 level. That is because this level was support in February. Friday’s high was $34.08 and the close was $33.83.
Corporate Office Properties Trust - OFC rebounded off of the $34.25 support level after becoming oversold last week. There is support at this level because it was the top of the range in February, March, and April. This level is still being tested and will probably be support in the short-term, but it is not oversold anymore so it may consolidate. Longer-term, there is support around the $32.50 level because it was the bottom of the range in February, March, and April. There will probably be resistance around the $36 level because it was the recent high in June.
Hexcel Corporation - HXL is trading around the $55 level. This level has been clearly defined resistance in the past. In August of 2015 the high trade was at $54.71. These levels were again resistance during December, and then again in March and April. The all-time high was on March 1st at $55.91. It will probably hit resistance again and spend some time consolidating around these levels. If it does head lower, there will probably be support around the $50 level because it has been support since the beginning of the year.
Columbia Banking System, Inc. - COLB has been trading in a range between $41 and $37 since February. The $41 was resistance in February, April, June, and again earlier this month when on July 3rd the high trade was at $41.07. The $37 level was support in March, April, late May and early June. These two levels will probably continue to be resistance and support in the short-term. Longer-term, if the support around the $37 level breaks there could be a meaningful sell-off because there isn’t clearly defined support until the levels around $33.25 are approached. In November, these levels were gapped up through. Because it didn’t spend that much time trading around these levels, there will probably be little vested interest there. This means that there will probably not be any significant demand in this range.
Steelcase Inc. - SCS found support around the $13.50 level after the recent selloff. This is the same level that was support during last summer. If you are bullish on the fundamentals of this company, this would probably be a good time to buy it. If it does rally, there will probably be resistance around the $15 level because this was the top in August and September of 2016.