At yesterday’s close, there were 271 stocks and ETFs that made a new 52-week high. We publish a list of new 52-week highs every day in our Chart Scanner tool, and looking through yesterday’s list, just about all of these names have been in strong uptrends in 2019 and are currently sitting at overbought or extremely overbought levels. The run up to 52-week highs for some of these names have come as a result of breaking longer-term resistance of a month up to over a year. Below are a handful of charts of these types of “breakout” stocks.
For some, the recent breakout was above longer-term resistance, as is the case for American International (AIG), Apollo Global Management (APO), and Dish Network (DISH). Two major US retailers, Home Depot (HD) and Target (TGT), also belong to this group. DISH is slightly different than these others in that it broke out above long term resistance a bit further back (in late June), but more recently came back to retest this former resistance as support. After a bounce off of these levels, the stock has rallied to reach another 52-week high.
The breakout for others comes after only a few months of consolidation. This is the case for Ally Financial (ALLY), Altice (ATUS), Chegg (CHGG), Copart (CPRT), and ONEOK (OKE). Similarly, stocks like CME Group (CME), Eversource (ES), Intuit (INTU), and MarketAxess (MKTX) all recently saw pullbacks after getting extended in their 2019 uptrends. Yesterday’s press back to 52-week highs has reconfirmed these uptrends. Start a two-week free trial to Bespoke Institutional to access our interactive Chart Scanner and much more.