Strategic Hotels & Resorts
Another stock that's already started to hit a big breakout is Strategic Hotels & Resorts (BEE), a self-administered and self-managed real estate investment trust that engages in the ownership and asset management of upper upscale and luxury hotels in North America and Europe. This is a technically strong stock, with shares up over 35% so far in 2011.
If you take a look at the chart for Strategic Hotels & Resorts, you'll see that this stock has been making higher lows for the past few months. This is the type of chart pattern that shows large institutional traders are paying up to own the stock every time it dips.
Now the stock is forming even more bullish patterns with shares breaking out to brand new 52-week highs. In the course of that process, BEE has moved above some significant past overhead resistance at $7 a share. This is a move that shouldn't be ignored by traders since every time the stock has hit $7 or close to it in the last six months, shares have sold off each time.On Thursday, BEE started its move above that $7 resistance level and closed at $7.08 on big volume. Volume registered 1.9 million shares traded which is well above the three-month average volume of 1.3 million shares. This is a strong signal that the breakout is the real deal and BEE is going to trend much higher from here. One could buy the breakout on any weakness and simply stop out a few percent under $7 in case this big technical move doesn't hold. Strategic Hotels & Resorts shows up on a recent list of 8 Hotel and Resort Stocks With Upside.
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