Breakout Stocks of Week 7
NASDAQ was down last week (week 6) by -1.34% ending at 15,775.65 points after falling -215.01 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 Progress Software Corporation NASDAQ:PRGS. This stock has had a buy signal since Feb 15, 2024 when the price was $56.35 , but have so far fallen -0.408% to $56.12. Some other companies are on our watchlist to, among these are L3Harris Technologies, Inc. NYSE:LHX Daseke, Inc. NASDAQ:DSKE Biohaven Pharmaceutical Holding Company Ltd NYSE:BHVN and Myers Industries Inc NYSE:MYE which all got a breakout pattern emerging.
| Date | Company | Price | Week 7 |
|---|---|---|---|
| Progress Software Corporation | $56.12 | $56.49 | 0.659% |
| L3harris Technologies, Inc. | $211.98 | $214.45 | 1.17% |
| Daseke, Inc. | $8.23 | $8.23 | 0% |
| Biohaven Pharmaceutical Holding Company Ltd | $49.50 | $47.31 | -4.42% |
| Myers Industries Inc | $19.08 | $19.60 | 2.73% |
The Progress Software Corporation stock price fell by -0.408% on the last day (Friday, 16th Feb 2024) from $56.35 to $56.12. During the last trading day the stock fluctuated 1.91% from a day low at $55.88 to a day high of $56.95. The price has fallen in 6 of the last 10 days and is down by -1.92% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -29 thousand shares and in total, 251 thousand shares were bought and sold for approximately $14.07 million.
On Mar 28, 2024, it was reported that Wedbush gave PRGS a "Buy" grade with a "hold" action.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Progress Software Corporation stock to perform well in the short-term.
About Progress Software Corporation:
Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities. It also offers DataDirect Connect, which provides data connectivity using industry-standard interfaces to connect applications running on various platforms; MOVEit that offers secure collaboration and automated file transfers of critical business information; Chef, an infrastructure automation platform to build, deploy, manage, and secure applications in multi-cloud and hybrid environments, and on-premises; and WhatsUp Gold, a network monitoring solution. In addition, the company provides Kemp LoadMaster, a load balancing solutions; and Kemp Flowmon network performance monitoring and diagnostic solutions that collect and analyze network telemetry from various sources. Further, it provides project management, implementation, custom development, programming, and other services, as well as web-enable applications; and training services. The company sells its products to end users, independent software vendors, original equipment manufacturers, and system integrators. It has operations in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.
The L3Harris Technologies, Inc. stock price gained 0.331% on the last trading day (Friday, 16th Feb 2024), rising from $211.28 to $211.98. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.97% from a day low at $209.96 to a day high of $212.00. The price has risen in 8 of the last 10 days and is up by 2.41% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 116 thousand more shares were traded than the day before. In total, 596 thousand shares were bought and sold for approximately $126.41 million.
On Apr 22, 2024, it was reported that Alembic Global gave LHX a "Overweight" grade with a "upgrade" action.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for L3Harris Technologies, Inc. stock to perform well in the short-term.
About L3Harris Technologies, Inc.:
L3Harris Technologies, Inc., an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions. It also manufactures and integrates mission systems for maritime platforms, such as signals intelligence and multi-intelligence platforms; unmanned surface and undersea autonomous solutions; and power and ship control systems and other electronic and electrical products and systems. In addition, this segment offers advanced electro-optical and infrared solutions. Its Space and Airborne Systems segment offers space payloads, sensors, and full-mission solutions; classified intelligence and cyber defense solutions; mission avionics; and electronic warfare systems. The company's Communication Systems segment provides tactical communications; broadband secured mobile networked communication equipment, including airborne, space, and surface data link terminals, ground stations, and transportable tactical satellite communication (SATCOM) systems for use in manned aircraft, unmanned aerial vehicles, and naval ships; and helmet and weapon mounted integrated night vision systems. This segment also offers radios, systems applications, and equipment for critical public safety and professional communications; and SATCOM terminals and battlefield management networks. Its Aviation Systems segment offers defense aviation products; commercial pilot training; and mission networks solutions for air traffic management. The company was formerly known as Harris Corporation and changed its name to L3Harris Technologies, Inc. in June 2019. L3Harris Technologies, Inc. was founded in 1895 and is headquartered in Melbourne, Florida.
The Daseke, Inc. stock price gained 0.488% on the last trading day (Friday, 16th Feb 2024), rising from $8.19 to $8.23. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.366% from a day low at $8.20 to a day high of $8.23. The price has risen in 5 of the last 10 days and is up by 0.98% over the past 2 weeks. Volume fell on the last day by -205 thousand shares and in total, 280 thousand shares were bought and sold for approximately $2.31 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 Feb 07, 2023, it was reported that Cowen & Co. gave DSKE a "Outperform" grade with a "hold" action.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Daseke, Inc. stock to perform well in the short-term.
About Daseke, Inc. :
Daseke, Inc. provides transportation and logistics solutions with a focus on flatbed and specialized freight in the United States, Canada, and Mexico. It operates through two segments, Flatbed Solutions and Specialized Solutions. The company transports aircraft parts, manufacturing equipment, structural steel, pressure vessels, wind turbine blades, commercial glass, high security cargo, arms, ammunition and explosives, lumber, and building and construction materials, as well as heavy machinery, such as construction, mining, and agriculture. It also offers logistical planning and warehousing services. As of December 31, 2021, it operated 2,623 company-owned tractors and 2,074 independent owned contractors tractors; and 11,266 trailers. Daseke, Inc. was founded in 2008 and is headquartered in Addison, Texas.
The Biohaven Pharmaceutical Holding Co Ltd stock price gained 0.794% on the last trading day (Friday, 16th Feb 2024), rising from $49.11 to $49.50. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.67% from a day low at $48.44 to a day high of $50.22. The price has risen in 8 of the last 10 days and is up by 10.52% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 53 thousand more shares were traded than the day before. In total, 658 thousand shares were bought and sold for approximately $32.59 million.
On Apr 23, 2024, it was reported that UBS gave BHVN a "Buy" grade with a "hold" action.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Biohaven Pharmaceutical Holding Co Ltd stock to perform well in the short-term.
About Biohaven Pharmaceutical Holding Company Ltd:
Biohaven Pharmaceutical Holding Company Ltd., a biopharmaceutical company, develops products candidates targeting neurological and neuropsychiatric diseases, and rare disorders in the United States. It offers NURTEC ODT (rimegepant) for the acute treatment of migraine, as well as developing Rimegepant for preventive treatment of migraine; Zavegepant that is in phase III clinical trials for acute and preventive treatment of migraine, as well as respiratory complications and non-migraine studies; and BHV-3100 for non-migraine indications. The company also offers Troriluzole for spinocerebellar ataxia and obsessive compulsive disorders, as well as Alzheimer diseases; BHV-0223, a product for amyotrophic lateral sclerosis; BHV-5000/5500 for neuropsychiatric indications; and Verdiperstat, a product for multiple system atrophy and amyotrophic lateral sclerosis. Biohaven Pharmaceutical Holding Company Ltd. has a collaboration agreement with Cove to facilitate telemedicine evaluation for migraine sufferers. The company was incorporated in 2013 and is headquartered in New Haven, Connecticut.
The Myers Industries Inc stock price fell by -2.65% on the last day (Friday, 16th Feb 2024) from $19.60 to $19.08. During the last trading day the stock fluctuated 2.02% from a day low at $19.07 to a day high of $19.46. The price has risen in 6 of the last 10 days and is up by 0.05% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -49 thousand shares and in total, 112 thousand shares were bought and sold for approximately $2.13 million.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Myers Industries Inc stock to perform well in the short-term.
About Myers Industries Inc:
Myers Industries, Inc. engages in distribution of tire service supplies in Ohio. It operates through The Material Handling and Distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization, and custom plastic products; injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling. It serves industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational, and marine vehicles, healthcare, appliance, bakery, electronics, textiles, consumer markets, and other markets under Akro-Mils, Jamco, Buckhorn, Ameri-Kart, Scepter, Elkhart Plastics, and Trilogy Plastics brands directly, as well as through distributors. The Distribution segment engages in the distribution of tools, equipment, and supplies for tire, wheel, and undervehicle service on passenger, heavy truck, and off-road vehicles; and manufacture and sale of tire repair materials and custom rubber products, as well as reflective highway marking tapes. This segment serves retail and truck tire dealers, commercial auto and truck fleets, auto dealers, general service and repair centers, tire re-treaders, truck stop operations, and government agencies. The company was founded in 1933 and is headquartered in Akron, Ohio.
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.
