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1-Month Relative Strength: 60.98%
Nearest Resistance: $70
Nearest Support: $60
Sears Holdings(SHLD - Get Report) has been one of the best performers year-to-date, more than doubling as investors pile back into shares. Sears has been one of Wall Street's whipping boys for a while now, caused in large part by the firm's deteriorating fundamental performance and inability to stand out in the crowded retail environment.
But clearly, that sentiment has changed in 2012.
While Sears' fundamental prospects are still being hotly debated, let's focus on the firm's technical prospects for now. Shares bottomed right at the start of 2012, then rallied to $50 resistance before gaining buyers and pushing back through to $70 on news of the firm's asset-shedding turnaround plans.
Right now, SHLD is consolidating right underneath that $70 support level. A push above that price should be considered a buy signal.
Sears is one of the
10 Best-Performing S&P 500 Stocks of 2012 and shows up on a list of
6 Stocks Driving the Economy in 2012.