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5 Big Stocks Ready to Slingshot Higher

Stocks in this article: MSFT MNR CAJ CAT RDS.A

Canon

Caterpillar isn't the only name that looks like it's bottoming right now. A bottom of a different sort is coming into play for shares of $40 billion Japanese manufacturer Canon (CAJ) right now.

>>5 Consumer Stocks Hedge Funds Love

Canon is currently forming a double bottom setup, a pattern that's formed by two swing lows that bottom at approximately the same price level. The peak that separates those two lows is the breakout level that signals the pattern is complete and it's a good time to be a buyer again. For Canon, that price is a resistance range that tops out at $36. I'd recommend that conservative traders wait for that range to get exceeded with a print above $36 before putting their money on the line.

If you're used to looking at price charts, you may notice that Canon looks more "gappy" than most. That is, there is a significant number of small price gaps on the chart. Those gaps, known as suspension gaps, are just caused by trading on the Tokyo Stock Exchange when U.S. markets are closed. For technical analysis purposes, trade this stock as if they weren't there.

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