NEW YORK (Real Money) -- Even though 2015 hasn't been full of shock and awe thus far, there have been plenty of winners. It's true that we've seen some bigger names get hit hard early, which feels like a departure from the last few years. Some of those names seem to be turning here such as Precision Castparts (PCP), and these may be the opportunity types of play for the summer.
PCP has a very rough start of the year, falling from over $240 to under $190 in the first few weeks of trading. After a decent bounce, price has been trading between $200 and $220 -- a fairly wide but very consistent range. Lately, there has been a little change to the price pattern, with the range tightening between $200 and $210.
Friday, the stock shot out of the ascending triangle price pattern with volume and pushed into longer-term resistance as per the daily chart.
Today, we are testing that resistance again. I don't expect us to push right through it, but a day or two trading over $212.50 and into the $216 range should be seen as bullish, especially with the increasing volume.
The RSI and slow stochastics spiked along with price, so we are seeing pushes in volume, price, momentum and trend. This makes for a more attractive bullish stance.
Pushing out to the weekly chart, we can see the trading channel more clearly.