Top 10 Winners on Up Volume
The Innovator IBD 50 ETF (FFTY) added 1.6%, helped by strength in shipping stocks like Zim Integrated Shipping Services (ZIM) and Matson (MATX). Inside the MarketSmith Growth 250, Danaos (DAC) soared out of a cup base with a 89.51 buy point.
Watch for this strength in Maritime Shipping to continue.
Zim Integrated Shipping Services
In an industry dominated by traditional large players, ZIM stands out with its novel approach, bold strategy and innovative spirit focused on digitization, leading to record financial results in 2020, 2021. Analyst estimates are currently adjusted lower for 2022.
We wrote about IBD50 candidate Zim Integrated Shipping earlier in the week here.
Our thoughts still apply, as we look for ZIM to continue on its march to fresh 52-week highs. The stock has broken free of it’s ascending triangle consolidation pattern over the past few weeks.
Note the retest or “pull back to breakout” PBBO and subsequent bounce on above average volume.
Bottom 10 Down on Volume
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Happy Trading,
Vinny
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