These 4 Stocks Might Have Lots of Cash -- but They Also Have Ugly Charts

These four stock charts from Bank of America's list of cash-rich stocks are looking toppy.

Author:: Bruce Kamich
Publish date:: May 6, 2016 8:52 AM EDT

Not all of the stocks charts for Bank of America/Merrill Lynch's 17 high-quality, cash-rich S&P 500 stocks are attractive. I did find six stocks on the list that are in sustained uptrends, but here are four more that did not get invited to the dance. They have toppy-looking price charts, and support is not nearby.

Rockwell Automation

In this chart, above, of Rockwell Automation (ROK) - Get Report , we can see a pretty wide-swinging stock. The latest rally has stalled in resistance. With the on-balance-volume, or OBV, line declining, it looks like investors have been liquidating longs in Rockwell for a while now. The 40-week moving average line is pointed down, and price momentum is waning.

Automatic Data Processing

In this chart of Automatic Data Processing (ADP) - Get Report , we can see three rallies to around the same high that have failed. Prices are above the sideways 40-week moving average line, but that may not last long as upward price momentum is waning and the OBV line is neutral.

Gilead Sciences

Gilead Sciences (GILD) - Get Report had made a top pattern, which you can see above. Gilead rolled over in 2014 and 2015 and broke to the downside this year. Prices are below the declining 40-week moving average. There is no bullish divergence yet on this timeframe vs. the price momentum study (see the lower panel). The next support on Gilead is around $70.

Apple

To the die-hard Apple (AAPL) - Get Report product lovers, I must be talking blaspheme to suggest that the stock has a negative-looking chart. But hey, what do I know? I use an Android phone and a three-year-old PC.

In this weekly chart of Apple, above, we can see that the stock broke its long-term uptrend and has rolled over, breaking below the 40-week moving average line. Prices have rallied to the underside of the 40-week and failed twice. The OBV line is inching lower, telling us that sellers are more aggressive than buyers. The next support for Apple is down at $80.

From a fundamental perspective, Apple is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio. "We remain confident in Apple and will continue to hold this name for the long term," Cramer and Jack Mohr recently wrote. "Apple isn't simply a hardware company; it is an ecosystem that engenders long-term loyalty and constantly innovates on behalf of its customers."

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