Best Buy, ExxonMobil, And 3 Other Stocks In Strong Trends This Week

The following five stocks are currently in the midst of very strong trends and, according to VantagePoint, are likely to continue in that direction for the time being. 

Best Buy

Best Buy Co Inc BBY has somehow found a way to buck the trend in retail stocks, rising 70 percent since the start of 2017. But after a rough start to 2018, the stock looks to have turned around. As the chart below shows, Best Buy had a crossover to the upside on April 3. On that day, VantagePoint's predicted moving average crossed over the stock's simple 10-day moving average, which indicates the beginning of an uptrend. 

Despite some near-term weakness, the two moving averages have not crossed back over, indicating the uptrend is intact. 

Urban Outfitters

Urban Outfitters, Inc. URBN has a similar story. Despite some red days recently, the stock has been in a clear uptrend. This will be one to watch closely though, as it appears the trend has softened this week. There could be a bearish crossover coming in a few days. 

Bristol-Myers Squibb

Bristol-Myers Squibb Co BMY follows the same idea, but to the downside. The stock had a bearish crossover followed by some consolidation throughout March, and since then the trend has only gotten stronger, as evidenced by the two moving average lines moving further apart. 

The stock is down 18 percent this year, and this is looking like a clear definition of a falling knife. 

Valero Energy

Valero Energy Corporation VLO had a very clear crossover to the upside on April 4, and since then the stock is up 19 percent. This trend has proven exceptionally strong, not just by the two moving averages diverging further apart, but by the Neural Index at the bottom of the chart. This predictor of near-term strength or weakness has shown nothing but green in April. 

Exxon Mobil

Lastly, we have Exxon Mobil Corporation XOM, which is a very similar trade to Valero. Since the bullish crossover on April 4, the stock is up almost 7 percent. They will also report Q1 earnings on April 27, and the recent strength suggests the company will have to beat the estimates handily in order to move higher. 

You can watch a video breakdown of these stocks below. 

About the Hot Stocks Outlook

The Hot Stocks Outlook is a weekly series. It’s designed to show traders how improving their timing is the key to maximizing gains and minimizing losses. VantagePoint Trading Software identifies trend reversals with up to 86 percent accuracy, helping traders get into the right side of trades at just the right time.

VantagePoint is an editorial partner of Benzinga. For a free demo click here.