Market Overview

Five Breakout Stocks Poised to Move Higher (BX, GLW, T)

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It was a good week for U.S. markets, but going into the weekend, some names gave investors the gift of a compelling technical setup. To get the week started, we compiled five large cap. stocks that crossed above their 50 day moving averages. If you’re looking for some trading ideas for the week, here’s a place to start.

The Blackstone Group (NYSE: BX)- If you put a lot of weight on chart action, you have to love Blackstone’s chart at these levels. First, it crossed above its 50 day; second, it recently broke out of a descending wedge that had been in place since late May. It currently sits at $21.98 but looks poised to challenge its May top of $23.80.

Related: Five Tech Stocks to Watch This Earnings Season

Options traders are pouring into the name as well. CNBC reported that options action on Thursday was six times normal volume.

AT&T (NYSE: T)- Another stock that broke above its 50 day last week after recently breaking a downtrend intact since May, AT&T saw increased volume last week as it continues its rise from a June low of $33.67. Currently trading at $35.81, it will meet resistance around $37.10 but if it can break through, it will likely challenge that $38.14 high.

Corning (NYSE: GLW)- Corning closed only two cents above its 50 day but the stock has staged an impressive three-week move off of its $13.86 lows. At $15.03, the stock still has to show follow-through before the bulls make big bets but if it does, it could challenge the $16.33 high if it can continue rising through a series of relatively weak resistance levels.

Pfizer (NYSE: PFE)- The stock broke above its 50 day on Thursday and was able to hold on Friday. That’s a bullish sign for a stock that has seen wild volatility since April. If it can continue higher, it will run into resistance at $29.81—the top of its recent trading range. A break out of the channel will set it up to challenge its 2013 high of $30.89.

Harley Davidson (NYSE: HOG)- This is a stock that reached a low of $49.15 only to rally to an intraday high of $56.14 where it found strong resistance. It failed to move above and sold off falling back below its 50 day. On Friday, it found technical follow-through from its Thursday breakout back above the key level. If it can break above that $56.14 level, $59.61 is in its sights.

Posted-In: AT&T Blackstone GroupCNBC Long Ideas News Technicals Media Trading Ideas Best of Benzinga

 

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