5 Stocks Setting Up to Break Out
Fulton Finanical
One name in the regional bank complex that has started to break out is Fulton Financial (FULT), a multi-bank holding company that offers retail and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. This stock is off to a slow start in 2011, with shares off by around 6%.
Last week, Fulton said its third-quarter earnings jumped 25% as credit rends improved, and the company set aside less money to cover bad loans.
If you look at the chart for Fulton Finanical, you'll notice that this stock has just started to break out above some past overhead resistance at $9.30 a share on monster volume. Volume on Thursday registered 5.2 million and on Friday 10.3 million (both up days), which is well above its three-month average action of 1.6 million shares. Now the stock just needs to take out its 200-day moving average of $10.06 a share to trigger its next bullish technical signal.
>>Does Technical Trading Really Work? If you're looking to buy this stock, you could simply get long on any noticeable weakness. I would place a mental stop a few percentage points below $9.30 a share in case this breakout fails. I would then add aggressively to any long position once the stock takes out $10.06 with solid volume. Target a run back towards its 52-week high of $11.91 or possibly even higher if this breakout is the real deal. To see more breakout candidates, including Stoneridge (SRI), Sequans Communications (SQNS) and Amylin Pharmaceuticals (AMLN), check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.Follow Stockpickr on Twitter and become a fan on Facebook.
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