) has been another poster child for the S&P's orderly rally. Just like West, Cigna started on its own uptrend at the end of 2012, bouncing in between well-defined trendline support and resistance levels for the last seven months. Now, with shares of CI bouncing off of support this week, it makes sense to be a buyer.
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From a percentage standpoint, Cigna's retracement during the last correction was pretty tepid. That's a good sign for buyers -- this stock has been rallying harder than the market during the up-legs and falling less than the broad market on the down-legs. This trendline bounce is pitting Cigna to a test of resistance just below $70. That mini-breakout should add some extra upside to this latest buying move.
As with West, the 50-day is the ideal place for a protective stop in Cigna.
To see this week's trades in action, check out the
Technical Setups for the Week portfolio
-- Written by Jonas Elmerraji in Baltimore.
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