Breakout Stocks of Week 20 @ OTCMKTS
NASDAQ was up last week (week 19) by 1.18% ending at 16,346.26 points after gaining 189.94 points during the week. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are Federal National Mortgage Association OTCMKTS:FNMA. This stock has had a buy signal since May 09, 2024 when the price was $1.38 and is so far up 6.96% to $1.48. Some other companies are on our watchlist to, among these are which all got a breakout pattern emerging.
| Date | Company | Price | Week 20 |
|---|---|---|---|
| Federal National Mortgage Association | $1.48 | $1.60 | 8.06% |
The Fannie Mae stock price gained 6.96% on the last trading day (Friday, 10th May 2024), rising from $1.38 to $1.48. During the last trading day the stock fluctuated 8.70% from a day low at $1.38 to a day high of $1.50. The price has fallen in 5 of the last 10 days but is still up by 1.1% over the past 2 weeks. Volume fell on the last day by -839 thousand shares and in total, 2 million shares were bought and sold for approximately $2.57 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Jun 17, 2024, it was reported that Wedbush gave FNMA a "Underperform" grade with a "hold" action.
Fannie Mae holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
About Federal National Mortgage Association:
Federal National Mortgage Association provides a source of financing for mortgages in the United States. It securitizes mortgage loans originated by lenders into Fannie Mae mortgage-backed securities (Fannie Mae MBS). The company operates through two segments, Single-Family and Multifamily. The Single-Family segment securitizes and purchases single-family fixed-rate or adjustable-rate, first-lien mortgage loans, or mortgage-related securities backed by these loans; and loans that are insured by Federal Housing Administration, loans guaranteed by the Department of Veterans Affairs and Rural Development Housing and Community Facilities Program of the U.S. Department of Agriculture, manufactured housing mortgage loans, and other mortgage-related securities. This segment also provides single-family mortgage servicing, as well as credit risk and loss management services. The Multifamily segment securitizes multifamily mortgage loans into Fannie Mae MBS; purchases multifamily mortgage loans; and provides credit enhancement for bonds issued by state and local housing finance authorities to finance multifamily housing. This segment also issues structured MBS backed by Fannie Mae multifamily MBS; buys and sells multifamily agency mortgage-backed securities; invests in low-income housing tax credit (LIHTC) multifamily projects; and offers delegated underwriting and servicing, as well as multifamily mortgage, and credit risk and loss management services. The company serves mortgage banking companies, savings and loan associations, savings banks, commercial banks, credit unions, community banks, insurance companies, private mortgage originators, and state and local housing finance agencies. Federal National Mortgage Association was founded in 1938 and is headquartered in Washington, the District of Columbia.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
