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5 Stocks Ready to Break Out


Another stock that looks poised to trigger a big breakout trade is Amedisys ( AMED), which is engaged in delivering personalized health care services to patients and their families. This stock has been on fire so far in 2013, with shares up a whopping 61%.

>>5 Stocks Set to Soar on Bullish Earnings

If you look at the chart for Amedisys, you'll notice that this stock has been trending sideways inside of a consolidation chart pattern right above its 50-day moving average at $16.92, with shares moving between $16.04 on the downside and $18.70 on the upside. Shares of AMED are now starting to spike higher right above its 50-day, and it's quickly moving within range of triggering a big breakout trade above the upper-end of its recent range.

Traders should now look for long-biased trades in AMED if it manages to break out above some near-term overhead resistance levels at $18.05 to its 52-week high at $18.70 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 444,954 shares. If that breakout triggers soon, then AMED will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $25 to $27 a share.

Traders can look to buy AMED off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day at $16.92 a share or below more near-term support at $16.62 a share. One can also buy AMED off strength once it clears those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.
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AMED $41.45 1.00%
ARTX $1.67 1.20%
EBIX $38.06 3.00%
FXEN $1.14 0.88%
PTIE $1.92 0.00%


Chart of I:DJI
DOW 17,843.19 +31.00 0.17%
S&P 500 2,091.36 +2.22 0.11%
NASDAQ 5,120.5680 +17.76 0.35%

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