The MarketSmith Relative Strength scan found several stocks that outperformed their peers. These stocks rallied the hardest on Monday when the vast majority of equities were selling off. This was significant as they rallied the most when the markets found support.
This post was originally created on Tuesday, so that we could illustrate the importance of the MarketSmith Relative Strength scan a day later.
ZIM, TSLA, and TECK have followed through.
MarketSmith Relative Strength Scan
Tesla (TSLA) and ZIM are from previous and current watchlists.
“We obviously expect large shareholder returns across the space next year, as many liners and (nonoperating owners) have communicated dividends to be tied to overall earnings,” Fearnley Securities analysts Peder Nicolai Jarlsby and Erik Hovi said in written responses to questions. – Investors Business Daily
ZIM Integrated Shipping (ZIM) Updated price action shows the stock broke out with the markets. Relative strength became a driving force to the trade idea.
We currently have shares of ZIM stock and will entertain adding to our position on a break above the $58.97 pivot high this week.