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These 10 IBD50 stocks show relative strength as the markets consolidated recent gains. Several of these candidates are on this week’s watchlist. We also note that food and grocery stocks are moving higher, with Sprouts Farmers Markets (SFM) printing a gap and go yesterday. In addition, Kroger (KR) appears to be ready to break out of its 10-week range.
SFM is ranked #1 in the consumer staples industry group (XLP), with KR ranking #3. SFM has the cleanest looking chart, with RSI suggesting more upside in the cards, as price action clears 52-week highs.
This action puts the stock in an area of “no overhead supply” meaning there are no bagholders to sell as price reaches these levels.
Gold and silver stocks also saw some action. KL and FNV are on our radar, with FNV trending over 4 weeks since breaking above the 9/21d moving averages. The 21d crossed through the 50d a week ago, adding emphasis to the strength in bullish momentum.
ENSG is on this weeks watchlist. A breakout looks imminent, as RSI suggests room to run before reaching overbought territory.
Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we navigate the current environment and trade IBD50 candidates. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.
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