Weekly Stock Analysis: Key Breakout Candidates

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Find out what happening right now and get all the pieces of the puzzle on important data activity before the major news sources break the story and see what are the trends
 

•  16 Nov 2024
 

As we close the week, let's dive into some of the stocks showing breakout potential, driven by key technical indicators such as moving averages, volume spikes, and price patterns. This analysis will provide traders with actionable insights on entry and exit points based on current price action.

Pure Storage $PSTG continues to be a solid contender within the competitive Technology Hardware & Storage industry. Despite the fast-paced business environment, $PSTG shows resilience. The stock has established solid support levels around $48.19, and there’s clear potential for upward momentum toward its resistance at $51.72. A volume surge could signal a breakout past resistance, making this an attractive pick for traders looking for a short-to-medium-term move. Keep an eye on earnings expectations, which could further drive volatility and price action.

Hasbro $HAS is in a more volatile situation due to legal challenges, which may provide price fluctuations in the short term. With a current price of $62.21, the stock is nearing its critical support level of $60.56. A breach below this could signal further downside to its lower range near $58. However, if the stock stabilizes and moves toward resistance at $71.94, there’s an opportunity for significant gains, particularly if market sentiment turns positive or if litigation risks are mitigated.

Revvity $RVTY recently crossed below its 200-day moving average, indicating potential for continued downside in the short term. The stock is hovering around $109.52 and could test lower levels in the coming days. Watch for any confirmation of a reversal back above the 200-day moving average to indicate a potential recovery play. A price rebound here could lead to a swift move back to prior highs.

Workday $WDAY is showing strength despite some heavy institutional interest in its options activity. A strong support level lies at $233.85, which has held up well. A breakout past $276.51 resistance could drive substantial upside. Traders should monitor for volume spikes to confirm any breakout past this key level. The stock’s underlying strength and bullish options sentiment suggest a potential upward move.

Viking Therapeutics $VKTX shows some bearish sentiment based on recent options activity, but it is important to note that the stock is near key support at $49.58. If it holds this level, there could be a potential reversal toward resistance at $78.03, which would represent a strong upside. Keep an eye on volume trends for a potential shift in sentiment.

Nvidia $NVDA remains a top contender for breakout potential, as it continues to ride the wave of AI and semiconductor sector momentum. With a current price of $141.98, the stock has established a solid support at $128.98. However, its resistance level is significant, all the way up at $457.10, indicating massive potential for long-term growth in the industry. Short-term traders may look for a bounce from support for quick moves, but long-term investors may look for strategic dips to accumulate ahead of earnings.

For traders looking for breakout opportunities in the upcoming week, $PSTG, $HAS and $WDAY are stocks to watch for potential bullish moves. Keep an eye on key support and resistance levels to act swiftly on any breakout, and remember that volume is often a key indicator of momentum.

If you are trading $RVTY and $VKTX, watch for a reversal of sentiment to confirm entry points, while $NVDA remains a strong long-term play with a potentially massive upside in the AI space.

Happy trading, and stay sharp!