Stocks Breaking Out This Week – Looking for Follow-through

MarketSmith’s “Stocks Breaking Out” scan produced four winners on Monday, listed below, and two stocks breaking out Tuesday that we’ve included herein for Wednesday’s list. We will discuss these stocks during the live broadcast today for review and consideration.

“Stocks Breaking Out” Monday Candidates

“Stocks Breaking Out” scan produced four winners on Monday, listed below the chart. 

Academy Sports (ASO) added another 2.85% on Tuesday and more than 5.47% since entry on Monday. Volume increased on Monday, surging on Tuesday to close at $58.42. Price action bounced off the bullish 9/21d moving averages on Wednesday a week ago.

The stock is breaking out of an ascending triangle base, with a measured move of approximately +/- 7 points ($64.77 target short-term).

Atkore (ATKR) gained 2.11% closing at $130.25. The stock is on a run, day eight of a rally that started at the 50d two weeks ago. Now Inc. (DNOW) surged more than 5.70% on Tuesday, adding to gains from Monday. SPX Technologies (SPXC) added 4.05%.

“Stocks Breaking Out” Wednesday Candidates

 WESCO International (WCC) is a company well-positioned in critical logistics services, supply chain logistics, and distribution operations for businesses. Recent acquisitions have exceeded expectations, with accretive benefits, and inorganic growth in the short-term. EBITDA, operating margins of (5.40%) and positive Free Cash Flow (FCF) are all positives.

Today’s list is below the chart. 

A quick scan of the candidates reveal stocks from several industry groups, an indication that breadth is improving across multiple sectors.

We will consider these stocks for potential trades.

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

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