Last, but not least, is Limited Brands (LTD), the specialty retail name behind Victoria's Secret, Bath & Body Works, and La Senza, among others. Limited Brands hasn't looked particularly compelling for the last couple of months -- while shares were in an uptrend from the start of the summer, that uptrend topped out in September and moved into a well defined, substantial downtrend.
But there's still an upside trade to this stock.
That's because yesterday LTD broke out above its downtrending resistance level, sparking a signal that the decline could be coming to an end in this stock. That signal is still preliminary at this point -- with only part of yesterday's session above resistance, we'll want to see shares close above that level again today before it makes sense to actually put money on a trade here.Here again, momentum adds some extra confidence to what's going on in LTD -- the downtrend in RSI broke at the same time that price did. Still, price is king, so until it gets confirmed in today's session, I'd recommend sitting on the sidelines. To see this week's trades in action, check out the Technical Setups for the Week portfolio on Stockpickr. At the time of publication, author had no positions in stocks mentioned.
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