MarketSmith RS Line at a new high is a favorite screen for finding stocks. In this post we are looking are also looking for stocks building a base. Taken together that’s a sign for us to add it to our watchlist.
Summary
The stocks reviewed herein are hitting a 52-week high in relative strength, while potentially breaking out of a base.. This is noted on a MarketSmith chart with a blue dot. This stock scan assists in finding the next wave of leading “blue dot” stocks before they break out.
This stock scan assists in finding the next wave of leading “blue dot” stocks before they break out.
MarketSmith Growth 250
These stocks printed relative strength last week despite market weakness. Look for the candidates to follow through, confirming institutions are accumulating shares.
MarketSmith – Silicon Motion SIMO
Silicon Motion Technology (SIMO) is a fabless semiconductor company that designs, develops and markets, high-performance, low-power semiconductor solutions for the multimedia consumer electronics market.
In addtion, the company reported Q3 2021 earnings of $1.68 per share on revenue of $254.0 million. The consensus earnings estimate was $1.64 per share on revenue of $243.6 million.
Revenue growth remains above average at 101.7% on a year-over-year basis.
SIMO started its consolidation when the markets pulled back in August. The stock is breaking out accompanied by above average volume.
MarketSmith RS line is climbing to 90, with the stock 8% below its August pivot high.
Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Considering joining us as a member? Check details here
