I've been running my scans this afternoon looking for stocks that, should this market continue to rise, are ready to lead the pack in the traditional breakout sense. Most of the stocks below are all at or slightly above price resistance levels, and once again, assuming this market can continue this rally that we are seeing today, should lead to some very nice breakout plays.
I'm on the fence about the rally - it is incredibly strong today, but there is little on the daily chart suggesting that this is anything more than a dead-cat bounce. So I plan on standing idle for at least today, and then reevaluate the market tomorrow.
Here are the 10 breakout stocks.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!
SharePlanner provides swing trading, day trading, options income, and speculative strategies for traders. You will find a wide array of material to help develop and hone your trading skills and abilities, from videos and courses to learning about specific trading strategies. As always, SharePlanner will provide the best actionable trade ideas for "right now" as well as all of the research and technical analysis that you need to make you a better and more profitable trader.