Market had a 5% correction from recent high on intraday basis. That resulted in aggressive pullback buying on Friday. If the market builds on the bounce then the move will continue.
During this brief correction, most momentum stocks held up well and many had orderly low volume p[pullback. Now they have started to breakout. Most stocks with momentum are not much dented by this correction, that is good sign.
Top 30 ranked stock by momentum
During this brief correction, most momentum stocks held up well and many had orderly low volume p[pullback. Now they have started to breakout. Most stocks with momentum are not much dented by this correction, that is good sign.
Top 30 ranked stock by momentum
- las
- vrml
- vnda
- clvs
- yrcw
- clsn
- plus
- csiq
- tsla
- mnkd
- htch
- zlc
- aegr
- lpth
- clnt
- husa
- scty
- bldp
- sune
- dang
- insm
- mvis
- nsph
- hsol
- tmus
- immu
- tear
- ostk
- acrx
- tsro
OSTK is one good setup. It has gone sideways for a month in orderly manner. It also had series of recent earnings surprises. If it breaks out from here on high volume , it can make 20 to 30% move.
If you look at the top ranked 30 stocks by longer term momentum of year plus then you will see lot more good setups in them. The stocks with longer term momentum did not correct much during this correction. Most went sideways.
Top 30 ranked stocks by one year momentum
- rvlt
- acad
- srpt
- mtg
- ecty
- cbk
- rsol
- clvs
- vips
- las
- aegr
- clwr
- spwr
- rdn
- sune
- htch
- pamt
- nsxt
- kerx
- himx
- evc
- jks
- tvl
- bont
- amri
- insm
- mnkd
- csiq
- gmcr
- ostk
In this list rvlt, mtg, spwr, rdn, htch, nxst, kerx, himx, evc, amri, gmcr, and ostk are some good setups to watch for possible breakout.
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