INDB, ABM, RSPP, MDP, GTN

I analyzed these five names for a Registered Investment Advisor...

Independent Bank Corp – INDB gapped up on Friday due to good earnings news.  It hit resistance around the $71.50 level because this level was resistance and all-time highs in December and January.  It will probably continue to be a resistance level in the short-term but if it does break to the upside it should become a support level.  If it heads lower there will probably be support around the $66.50 level.  This level was clearly defined resistance March, April, and June, and then it became support in July.

 

ABM Industries Incorporated – ABM is overbought and testing resistance around the $44.25 level.  The last three times that this happened, in mid-March, late April, and early June, a meaningful selloff followed.  If you are considering selling this stock, this is probably a good time to do it.  Conversely, if you are considering buying it, it may make sense to wait and see if these levels will be broken to the upside.  Because it is overbought however, it will probably spend time consolidating before it moves higher so waiting may not hurt.

 

RSP Permian Inc. – RSPP found support around the important $30 level last month.  It isn’t surprising that there was support at this level because it was clearly defined resistance in 2014 and 2015, and again in March of 2016 before it was finally broken to the upside.  If it trades lower there will most likely be support at this level again, and if you are Bullish on the fundamentals of the company, that would be a good time to buy it.  Shorter-term, it has been trending higher and is testing short-term resistance around $34.  It is slightly overbought so it will probably consolidate.

 

Meredith Corporation – MDP has been in an uptrend since the middle of May.  It is now overbought and testing resistance around the $61.50 level.  There is resistance at this level because it was support in March and the level that it gapped down from in late April.  It will probably consolidate in the short-term with support around $60.  This level was the top from mid-June through mid-July.  It has formed a classic ‘Ascending Triangle’ pattern.  This is a bullish dynamic and suggests that it will rally up to the $65 level.  This level was the top of the range in February, March, and April.

 

Gray Television, Inc. – GTN has been in an uptrend since the beginning on June.  It is overbought and approaching the $15 level.  This level was resistance in March, April, and May.  The high trade on Friday was $14.95.  This means that it will probably spend some time consolidating around these levels.  Longer-term, if it heads lower there will probably be support around the $12 level because it was the low in late May and early June.