FTV: Gearing for breakout
Fortive Corp. (FTV), a July 2016 spin-off from Danaher (DHR), is an industrial growth company that designs, manufactures, and markets engineered products, software and services worldwide for the transportation and franchise distribution sectors.
While similar diversified technology stocks outpaced the S&P 500 by 6% during 2018, Q4 was particularly harsh on FTV. Since then, the stock is up 20% and looks to head higher.
Enter with buy stop above the bullish ascending triangle trigger of 77.50. The breakout suggests a measured move to 93. Add to through an 88.44 weekly cup/base trigger.
Such a break would achieve all-time highs.
Douglas Busch, CMT, trades U.S. equities using technical analysis with an emphasis on Japanese candlesticks. @chartsmarter
