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5 Breakout Stocks to Buy on This Bounce

Kimberly Clark

Paper maker Kimberly Clark (KMB - Get Report) is another stock that broke out in Wednesday's wildly bullish session. Shares of the firm had seen a reasonably strong showing in 2012, climbing around 10% even while the broad market was struggling to hold its ground. For the last month and change, shares had been consolidating in a rectangle pattern, a formation that's common after a large price move.

The rectangle gave KMB investors a chance to absorb the big rally in April before deciding what to do with their positions.

The breakout in KMB above the rectangle's resistance level at $79 is a buy signal for shares of this stock, even though shares have climbed a bit above that price at this point. KMB shareholders should look to $77 as a critical stop loss level -- after all, it's a price level where there's historically been a glut of demand for shares of KMB. If this stock suddenly can't catch a bid at $77, it's time to exit longs.
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SYM TRADE IT LAST %CHG
BAC $15.65 0.00%
DIS $100.97 0.00%
F $13.56 0.00%
KMB $103.52 0.00%
NI $16.17 0.00%

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Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

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