Utilities and Stocks Breaking To New 52 Week Highs
Corey Rosenbloom: Sometimes the simplest things are effective for finding candidates to trade on a short-term or intraday basis.
For example, if you want to identify strong stocks that are likely uptrending – and may continue to do so – scan for stocks bursting to new 52-week highs in an uptrending market (particularly in strong sectors).
Let’s take a look at the current list of candidates of the 41 stocks that registered new 52-week highs in today’s bullish session.
The 41 stocks above (of the 500 stocks in the S&P 500 list) carved out new 52-week highs today.
You can put them in a scan list and quickly study their charts for steady uptrends and potential trading (retracement) candidates.
Do additional analysis on the stocks that show the most potential according to your trading style.
I separated the Utilities (NYSEARCA:XLU) stocks with yellow highlights to note that 16 of the 41 stocks are “Risk-off” or “Defensive” stocks in the Utilities sector.