Yes, says Ralph Acampora, known on Wall Street as the "godfather of technical analysis". And, says Acampora, ignoring some old standbys is a bad move.
Acampora doesn't just know a thing or two about technical analysis, though. He's the dean of the chartists' community. For over four decades, Acampora has been at the forefront of technical analysis. He was one of the founders of the Market Technicians Association, the organization that awards the Chartered Market Technician® (CMT) designation which sets of the highest credentials in technical analysis. He is the Director of Technical Analysis Studies at the New York Financial Institute and Senior Managing Director at Altaira Wealth Management.
Therefore, there was nobody on earth better suited to start off Chart Week than Acampora.
According to Acampora, the current crop of traders focuses on highflying stocks like Netflix, Facebook, and Tesla. However, in doing so, they are missing out the pretty impressive returns a few older stocks have been giving their investors.
"I'm looking at GE, Bank of America, DuPont," says Acampora. "These are under-owned, under-loved, and underappreciated names."
But, there's one more name Acampora thinks has been flying under the radar of many investors. And, he thinks it's poised to at least double even though he is prepared for a 10% to 15% correction.
"I'm in love with this chart," says Acampora.
To see the company that Acampora thinks is ready to double and to see his analysis of the chart, watch the video above.
More from Talking Numbers: