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5 Stocks Setting Up to Break Out

Stocks in this article: VHCBEEARAYFSIGLNG

BALTIMORE ( Stockpickr) - U.S. stocks are rallying for a fifth straight session on Friday and are on track to record their best week in almost a year, after a strong manufacturing number helped to raise investor spirits about the economic recovery.

The best part about the recent move in equities is that it's happening in the face of such bad news. We've all seen the headlines recently which are focused on the Greek debt issues and on even more worries that other European nations will soon be hit with major debt concerns. Plain and simple, the U.S. stock market doesn't care about the problems in Europe - at least for right now.

Stocks have been soaring and many names have hit new 52-week highs. Other names are breaking out to new highs and are setting up for potentially huge moves, while others have rebounded huge off of depressed levels. The Dow Jones Industrial Average is now approaching some big resistance at around 12,754.29. Traders should watch for any breakout in the near-term above that level on the Dow. The breakout level to watch for the Nasdaq is 2835.34 and on the S&P 500 it's 1345.20.

Related: 5 High-Beta Stocks That Could Explode

With the overall markets now within range of the yearly highs, it's time to search for stock candidates that are setting up to breakout and trend much higher. Trading breakouts is not a new game on Wall Street. This strategy has been by legendary traders such as William O'Neal, Stan Weinstein and Nicolas Darvas.

Here 's a look at a number of stocks that look poised to break out and trade higher from current levels.

 

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