3 Breakout Stocks For May 2017
Taki Tsaklanos | May 11, 2017 06:20AM ET
Every month we feature 3 breakout stocks. In this month’s edition, we take a look at Loblaw Companies (TO:L) which recently broke out, Air Canada (TO:AC) which is going through a breakout attempt at this very moment, and 3D Systems Corporation (NYSE:DDD) which made a huge breakout on Wednesday.
First, Loblaw Companies, trading on the Canadian Toronto stock exchange, has a $30 billion market cap. It has been a leader in the food industry and recently acquired Shoppers Drugmart, a leader in the drug industry. Shoppers Drugmart is awaiting the decision from Health Canada to become a medical Marijuana distributor. The chart and the annotations were set up by InvestingHaven’s research team, and map some important news and events to Loblaw’s chart.
Our point of view is that the breakout is for real, given that we are in the 3rd consecutive week after the breakout. A pullback is always in the cards, but the odds favor higher prices at this point.
Air Canada has not broken out yet. It has definitely a great setup, and the breakout could materialize very soon, one of the reasons being that this is the 3rd attempt of the stock to move above all-time highs. Moreover, the airline industry is doing well lately.
Third and not least, 3D printing stocks are on fire in 2017, literally. InvestingHaven flashed a buy signal and identified a huge breakout in 3D printing stock Stratasys Ltd (NASDAQ:SSYS) mid-April (meantime, the stock is trading 25% higher). Now it is 3D Systems that follows the same path. The breakout is taking place ‘as we speak’, and has quite some upside potential.
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