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3 Stocks That May Be About To Break Out And Make Big Moves Higher

May 11, 2021 9:22 am
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3 Stocks That May Be About To Break Out And Make Big Moves Higher

It may be time to buy Exxon Mobil Corporation (NYSE:XOM), Procter & Gamble Company (NYSE:PG) and IAMGOLD Corporation (NYSE:IAG) as all three appear to be on the verge of breaking out.

What To Know: Resistance is a large group of sellers who are trying to get the same price for their shares. Rallies tend to end when they reach resistance levels because there is more supply than demand for the shares.

But when resistance levels break, it means that the sellers are gone. They have finished or canceled their orders. Either way, it means a large amount of supply has been taken off of the market.

Buyers will need to pay higher prices to acquire shares. This action can force the price to make a rapid and significant move higher.

See Also: Colonial Pipeline Outage: What To Watch For In Diesel Markets

Exxon Mobil may be breaking the resistance at the $62 level. This comes as the Colonial Pipeline shutdown has stoked fears of an energy crisis.

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Procter and Gamble may be about to break the resistance at the $138 level. Money has been leaving the technology sector and flooding into consumer staples. PG is the largest company in the consumer staples sector.

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As signs of inflation are showing up in many parts of the economy, gold has made a significant move higher over the past week. This is bullish for gold company stocks. IAG may be about to break the resistance at $3.40 and move higher.

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