5 Stocks Ready to Break Out
My final breakout trading idea is SolarCity (SCTY), which is engaged in the design, sales, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers, and sale of electricity generated by solar energy systems to customers. This stock has been red hot so far in 2013, with shares up a whopping 209%.
If you look at the chart for SolarCity, you'll notice that this stock has been trending sideways for the last month, with shares moving between $32.66 on the downside and $39.07 a share on the upside. Shares of SCTY have recently started to bounce higher off its 50-day moving average at $34.53 a share and it's now quickly moving within range of triggering a near-term breakout trade. That trade will hit if SCTY manages to take out the upper end of its recent sideways trading chart pattern.
Twitter and become a fan on Facebook. At the time of publication, author had no positions in stocks mentioned. Roberto Pedone, based out of Madison, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.
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