These Stocks are Ready to Breakout!
First AMZN, then ANET, and now a handful of other names testing new highs.
This service is for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice. These are my opinions and observations only. I am not a financial advisor.
I hope you had a great week and are pleasantly surprised by this Saturday post!
This bonus edition is packed with charts with tickers looking to break out to new highs.
Last week I mentioned the key resistance level of $134.48 for AMZN and as soon as it broke through shares took off to close the week at $138.44.
AMZN was up 8.5% for the week, just incredible.
Now I see several more setups, targeting key resistance levels, and hoping to follow the same breakout pattern.
The idea for each of these charts is a resistance level has been identified and if it is broken through, I expect additional upside.
Let’s take a look.
Charts Setting Up for the Win
First up is Crowdstrike, CRWD, which tried to break through $190.36 in October but failed to close at a higher level.
Last week CRWD pushed up towards this resistance level again, closing at $188.45 with momentum working in its favor.
Look for a breakthrough of the $190.36 level with strength and a continuation to $197 and then $204 above that.
The break of resistance is needed first. Be patient.
Another chart that is looking good is Loews, L.
L just broke above $65.39 and I like the strength in the move this week.
If markets take a pause to start next week, L could retest the $65.39 level.
I like taking entry on a retest of this level if it holds as support with shares targeting a run at $67.50 and $70 above.
The third chart I am watching for a breakout is XPO.
XPO is looking strong and closed pennies above the $79.41 resistance level.
I think we either see a hard rejection or a clean break higher.
On a move higher, the first target level is $85.
On a rejection, target a move back to $72.85.
Either way, it sets up for a nice trade so I am keeping a close eye on XPO.
Last up is The Travelers Companies, TRV.
The key resistance level that I’ve noted is at $169.89 but in reality, is is fair to say the level is really $170.
Out of the four set ups, this one is the most precarious. I am not a fan of lower lows showing up when trying to break through resistance.
TRV has the lower lows so I am cautiously optimistic about the breakout potential for this one.
And with that, have a great rest of your day!
Schedule
I’ve got a lot of great things in the mix and I am excited for the rest of 2023!
Here's the new schedule:
Sundays: WOLF Financial Newsletter, The Trading Triangle Podcast/Newsletter
Mondays: X Spaces
Tue-Wed-Thu: A Trader’s Education Premarket Audio/Written Newsletter Posts, X Spaces
Fridays: X Spaces
Saturdays: Family time!
Thank you for reading and let me know if there is a stock you would like me to cover or any trading topics you want to learn more about.
-Nate