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Canadian Solar (CSIQ) is on the stocks breaking out scan, gapping out of its base on strong earnings.

Valero (VLO) also followed through for a second day, as oil and gas stocks are breaking out this week, and remaining under accumulation.

Stocks Breaking Out

National Fuel Gas (NFG) is a diversified energy company. The Company is engaged in the production, gathering, transportation, distribution and marketing of natural gas. 

The company reported Q3 earnings of $1.54 per share on revenue of $502.6 million on August 4. Revenue grew 27.4% on a year-over-year basis.

National Fuel Gas (NFG) broke above an entry point of 73.02 based on a first-stage cup and handle pattern that formed over the past 3 months. Additionally, the buy zone extends up to 76.00 (+/-), the blue shading. THe RS line also turned higher on Thursday, to 91 to end the Thursday session. 

National-Fuel-Gas-NFG-Breakout-Stocks

Canadian Solar (CSIQ) designs, develops, and manufactures solar wafers, cells and solar power products for the alternative energy markets.

The company reported Q2 earnings of $1.07 per share on revenue of $2.3 billion. Revenue grew 61.9%.

Canadian Solar Daily Chart

The stock broke out through a 43.24 buy point yesterday after rising for four weeks straight. The stock closed 7.85% higher on extremely heavy volume, while the relative strength line popped to new highs.

Canadian-Solar-CSIQ-Breakout-Stocks

Canadian Solar Weekly Chart

CSIQ also broke out of a descending channel that started forming in late January 2021. Over the past 4 weeks, the stock has rallied more than 32.91% from the channel breakout zone. Volume peaked at the highest level seen in over a year.

Canadian-Solar-CSIQ-Weekly-Stocks-Breakingout

CSIQ had its relative strength line leap to 97 placing it formly on the blue dot scan for the week.

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Happy Trading, 

Vinny

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