5 Stocks Poised for Breakouts
One stock in the audio and video equipment complex that's starting to trigger a big breakout trade here is Neonode (NEON), which provides optical infrared touchscreen solutions for handheld and small to midsized consumer and industrial electronic devices. This stock is one of the hottest names around, with shares up over 100% in the last three months.
If you look at the chart for Neonode, you'll see that this stock has been ripping to the upside since early April when it bottomed at around $2.85 a share. During that large move higher, shares of Neonode have been uptrending strong and making higher lows and higher highs, which is bullish technical price action. That move has seen a number of upside volume days during the last two months register above average volume. Now NEON has started to trigger a major breakout trade today since the stock is taking out some near-term overhead resistance at $6.80 a share with strong volume.
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