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Merrill Lynch’s Top Thematic Chart Stocks to Buy for Q3 of 2017

There are multiple types of investors and traders out there. Some are conservative and some are aggressive. Some investors look for companies with great growth, strong earnings, great product cycles or myriad other fundamental strengths to support owning a stock. Then there are the technical investors, investors who generally could not care less about the fundamentals and who only give weight to a stock’s trading trends and chart patterns.

The bull market is well over eight years old now. And it is hard to fathom that half of 2017 already has come and gone. Bank of America Merrill Lynch has released its thematic chart picks for further upside and breakouts in the third quarter of 2017.

24/7 Wall St. looked at the eight Merrill Lynch top technical stock ideas for the third quarter here. While some of these stock chart patterns are calling for near-term upside, some of them cited by the firm call for much higher stock prices over a longer period.

We also have included a separate notation on what the fundamental analysis team at the firm was calling for on their formal price objectives. After all, it is important for many investors to know if strong chart calls match up with strong fundamental expectations.

These are the eight top thematic breakout picks from Merrill Lynch for the third quarter of 2017.

Applied Materials Inc. (NASDAQ: AMAT) was one of the top technology picks, and Merrill Lynch sees it correcting within a bullish channel. The firm noted that holding support at $40 to $39 would keep its rising channel intact with upside potential to a channel resistance level up at $50.00 to $52.50. The fundamental team’s call on Applied Materials has a $65 price objective...