9 Top Sell Ideas From Oppenheimer's Technical Analysis Division

In a new report, Oppenheimer analyst Ari Wald discussed the firm’s top technical sell ideas in each of the nine market sectors. While Oppenheimer remains bullish on the market as a whole, the nine stocks mentioned in the report have shown technical indicators that suggest upside will be hard to come by.

Freeport-McMoran Inc (NYSE: FCX)

Oppenheimer sees technical breakdowns for Freeport-McMoran on both an absolute basis and a chart versus metals & mining peers. The stock has generally been trending downward dating back to 2011.

FirstEnergy Corp (NYSE: FE)

FirstEnergy has been unable to break above its downward-sloping resistance line since late-2011, and Oppenheimer sees little support for the stock until the $30 level.

Transocean Ltd (NYSE: RIG)

Transocean has been trending downward versus other drilling names going back to 2013, and the stock recently failed for the second time to break above a resistance level that has been in place throughout 2015.

Jacobs Engineering Group Inc (NYSE: JEC)

Oppenheimer believes that a recent breakdown in Jacobs’ price versus other construction engineering stocks could be an indication that a more than two-year-old support level at just under $40 might soon fall.

The Coca-Cola Co (NYSE: KO)

On a relative basis, Coca-Cola has been lagging other Beverage stocks going all the way back to 1998. After the stock was recently unable to break out to new all-time highs, Oppenheimer believes that there is significant downside remaining.

HCP Inc (NYSE: HCP)

While Oppenheimer believes that HCP is currently oversold, the stock's long-term underperformance versus other REITs indicates that any jumps in price should be seen as selling opportunities.

Qualcomm Inc (NASDAQ: QCOM)

Oppenheimer sees major recent technical breakdown on both Qualcomm’s absolute chart and its chart versus other communication equipment names.

H&R Block Inc (NYSE: HRB)

Despite the relative strength in the Consumer Discretionary sector, H&R Block recently broke out to the downside from triangle patterns on both its relative and absolute charts.

Merck & Co Inc (NYSE: MRK)

The Healthcare sector is Oppenheimer’s top sector pick at the moment, but recent technical breakdowns indicate that Merck will not be participating in any further upside in the space.