These MarketSmith stocks populate the relative strength scan of stocks that istitutions are currently accumulating over the past few weeks. Previous writings highlighted Zim Integrated Shipping (ZIM) back on January 28 when the stock was breaking out of a basing pattern. Since then, the stock continues to show up on relative strength scans on a weekly basis.
Matson, Inc. – MarketSmith Relative Strength Scan
Matson, Inc. (MATX) broke higher on Monday, printing relative strength along the way.
Matson (MATX) broke out of a large cup and handle pattern in the fall of 2021. Following this breakout, he stock traded sideways in a flat base until surging higher along a bullish path. The stock is now 23% above the breakout pivot.
Volume was above average on Monday, suggesting institutions are still accumulating shares. With its accumulation/distribution at (B+) we will continue to monitor and trade the stock.
Watch Zim Integrated and Starbulk Carriers (SBLK) as we’d like to see the entire group rally together, to confirm the industry group is confirming their relative strength.
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Happy Trading,
Vinny
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