Yahoo Finance Zacks.com featured highlights include BrightView, Kronos Worldwide and Seanergy Maritime
For Immediate Release
Chicago, IL – June 6, 2024 – Stocks in this week’s article are BrightView BV, Kronos Worldwide KRO and Seanergy Maritime Holdings SHIP.
3 Top Breakout Stocks Worth a Buy for Solid Returns
Investors should pick breakout stocks for enticing returns. This method involves zeroing in on stocks whose prices vary within a narrow band.
If the stock price falls below this channel, it could be the best time to sell it off. However, the best time to buy a stock per this strategy is when it is about to break above this trading band. Such stocks offer the prospect of impressive gains.
To that end, BrightView, Kronos Worldwide and Seanergy Maritime Holdings have been selected as the breakout stocks for today.
Zeroing in on Breakout Stocks
To select the right breakout stock, one has first to calculate its support and resistance level. A support level is the lower bound for stock movements, while a resistance level refers to the maximum price it trades within a considerable period.
In other words, the demand for a stock is at its lowest at its support level, which means that most traders are willing to sell it. At the resistance level, most traders are willing to go long on the stock, meaning they would like to add it to their portfolio. The key to identifying breakout stocks is to zero in on those on the verge of a breakout or those that have just broken above the resistance level.
Has a Genuine Breakout Occurred?
The primary risk associated with such a strategy is that the decision to buy an apparent breakout candidate has been incorrectly timed. When a stock moves above the resistance level, it should be a highly prized commodity for traders. However, whether such a breakout is genuine is another matter altogether.
For a bona fide breakout, the stock's earlier resistance barrier should become its new support level. This only happens if the trading channel that has been established is tested by observing long-term price trends. The strength of the support and resistance levels can be ascertained only through such a study. Despite the risk of misidentification, correctly identifying such stocks can yield considerable returns, even at a price that may not seem attractive at first glance.
These criteria narrow the universe of more than 6,853 stocks to only 13. Here are the top three stocks:
BrightView is a provider of commercial landscaping services primarily in the United States. BrightView currently sports a Zacks Rank #2. BV has an expected earnings growth rate of 78.6% for the current year.
Kronos Worldwide is a leading producer and marketer of TiO2, a pigment for whiteness, brightness, and opacity that is used in a broad range of products. Kronos Worldwide currently has a Zacks Rank #2. KRO has an expected earnings growth rate of 297.7% for the current year.
Seanergy Maritime Holdings is the only pure-play Capesize ship owner publicly listed in the United States. Seanergy Maritime currently possesses a Zacks Rank #2. SHIP has an expected earnings growth rate of 306.3% for the current year.
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For the rest of this Screen of the Week article please visit Zacks.com at: https://www.zacks.com/stock/news/2283781/3-top-breakout-stocks-worth-a-buy-for-solid-returns
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
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Strong Stocks that Should Be in the News
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Kronos Worldwide Inc (KRO) : Free Stock Analysis Report
BrightView Holdings, Inc. (BV) : Free Stock Analysis Report
Seanergy Maritime Holdings Corp (SHIP) : Free Stock Analysis Report
