Today's Scan: Near 52 Week High On Heavy Volume and High RSI
Near 52 week high on heavy volume and high RSI
A very popular trading strategy is to buy stocks when they hit their 52 week high. The theory is that these are the companies that have their business firing on all cylinders and the stock is poised to go even higher. But why wait for them to hit their 52 week high? Below are 5 stocks that are within 5% of their 52 week high. Furthermore, they are trading with at least two times their average daily volume and have a Relative Strength Index (RSI) over 70--both additional bullish indicators.
-Dillard's Inc. (NYSE: DDS): The clothing retail chain has benefited by strong sales and a recently declared special dividend.
-Kellogg Company (NYSE: K): The food manufacturing company recently announced strong sales, including results from recently acquired Pringles brand.
Sturm, Ruger & Co. Inc. (NYSE: RGR): The firearm manufacturer also recently declared a special dividend and is enjoying high demand for its products.
-Steelcase Inc. (NYSE: SCS): The office furniture store recently beat analysts expectations and is in the middle of a share repurchase program.
-Brown Shoe Co. Inc. (NYSE: BWS): The shoe retailer, best known for Famous Footwear stores, reported earnings last week that far exceeded analysts estimates.
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