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>>6 Stocks Ready to Break Out
From a technical perspective, UVV bounced modestly higher here right above some near-term support at $48.13 with strong upside volume. This stock has been downtrending badly for the last few weeks, with shares plunging from its high of $63.59 to its recent low of $48.13 with heavy downside volume. During that move, shares of UVV have been consistently making lower highs and lower lows, which is bearish technical price action. That move has now pushed shares of UVV into extremely oversold territory, since its current relative strength index reading is 24. Oversold can always get more oversold, but it's also an area where a stock can rebound sharply higher from.
Traders should now look for long-biased trades in UVV as long as it's trending above that recent low of $48.13 and then once it sustains a move or close above some near-term overhead resistance at $51 with volume that hits near or above 167,420 shares. If we get that move soon, then UVV will set up to re-test or possibly take out its next major overhead resistance levels at $53 to its 200-day moving average at $54.85
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