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).
“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.
The stock is breaking to the upper range of a flat base that reached a peak on 2021. RS line is rising (84) placing it on the MarketSmith Blue Dot Scan as the stock attempts a breakout into the blue shaded area “the buy zone” on MarketSmith charts,
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.
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