5 Stocks Setting Up to Break Out
Tsakos Energy Navigation
One name in the water transportation complex that's trading within range of triggering a major breakout is Tsakos Energy Navigation (TNP), a provider of international seaborne crude oil and petroleum product transportation services. This stock has been blazing a trail so far in 2012, with shares up around 50%.
If you look at the chart for Tsakos Energy Navigation, you'll notice this stock formed a double bottom back in early 2012 at around $4.78 to $4.84 a share. After marking that bottom, the stock has taken off and soared towards its current price of $7.30 a share. In just the last few hours this stock has started to trigger a major breakout trade above some key overhead resistance levels at $7.08 to $7.20 with huge volume. At last check, volume today is already over 335,000 shares and the stock is trading at $7.26. That volume is well above its average action of 135,796 shares.
Traders should now look for long-biased trades in TNP as long as this stock is trending above those key breakout levels of $7.08 to $7.20 a share with strong upside volume flows. If this breakout is the real deal, then TNP has a great chance to trade back towards $10 a share or higher in the near future. The reason it could move that high is because there's little overhead resistance to contend with above $7.20 a share.
If you get long off strength or weakness, I would simply use a mental stop that's just below $7.08 or near today's low of $6.80 a share. If this breakout is the real deal, then I don't expect those levels to get breached by much. Tsakos is one of the highest-yielding transportation stocks. Follow @stockpickrSelect the service that is right for you!
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