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Stocks suffered a late-day rug pull on Thursday after our Tweeter-in-Chief announced he’d hold a news conference on U.S.-China relations. Uncertainty surrounding what the President will say had traders heading for the exits. The reality is stocks have been on a tear and were due for profit-taking anyways. Despite the weakness, I was able to find many promising breakout stocks to buy.
Identifying the quality setups didn’t require much detective work. All I had to do was sort my watchlist by percentage change. Scouring the top gainers on the day is an effective method for spotting strength. Two of my three candidates topped the list. The third one was near the top in the morning, but selling late in the session ultimately removed it from the leaderboard. Nonetheless, its chart setup demanded a mention in today’s gallery.
Here are the three breakout stocks that I’m eyeing.
Recent strength has this trio courting resistance zones, and Thursday’s rally suggests a breakout is imminent. Let’s look at how you can capitalize…
Best Breakout Stocks to Buy: Snap (SNAP)
Source: The thinkorswim® platform from TD Ameritrade
Investors hit Snap stock hard during the pandemic, but the comeback has been incredible. Buyers have returned as rapidly as they fled. With its 131% gain off the lows, SNAP stock has almost fully recovered from its 60% crash. Last month’s earnings report accelerated the comeback by sparking a massive overnight gap.
Since then, the price action has been constructive. We’ve made a few higher pivot lows, and the stock has held to the gains nicely. Thursday saw the stock run 7.35% to close near the high of the day. It’s impressive that it stayed afloat despite the profit-taking striking the broader market. With the gains, SNAP stock is now a whisker away from breaking resistance at $18.50.
If it does, then a climb to $20 is likely. For a higher potential reward, you could buy the stock. Otherwise, I like selling the July $16 puts for 55 cents.
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