Yahoo Finance Zacks.com featured highlights BRC, Costamare and Elutia
For Immediate Release
Chicago, IL – June 27, 2024 – Stocks in this week’s article are BRC Inc. BRCC, Costamare Inc. CMRE and Elutia Inc. ELUT.
3 Best Breakout Stocks to Buy for Attractive Returns
It’s judicious for investors to pick breakout stocks for enticing returns. This method involves zeroing in on stocks whose prices vary within a narrow band.
If the stock price falls below this channel, it could be the best time to sell it off. However, the best time to buy a stock per this strategy is when it is about to break above this trading band. Such stocks offer the prospect of impressive gains.
To that end, BRC Inc., Costamare Inc. and Elutia Inc. have been selected as the breakout stocks for today.
Zeroing in on Breakout Stocks
To select the right breakout stock, one must first calculate its support and resistance level. A support level is the lower bound for stock movements, while a resistance level refers to the maximum price it trades within a considerable period.
In other words, the demand for a stock is at its lowest at its support level, which means that most traders are willing to sell it. At the resistance level, most traders are willing to go long on the stock, meaning they would like to add it to their portfolio. The key to identifying breakout stocks is to zero in on those on the verge of a breakout or those that have just broken above the resistance level.
Has a Genuine Breakout Occurred?
The primary risk associated with such a strategy is that the decision to buy an apparent breakout candidate has been incorrectly timed. When a stock moves above the resistance level, it should be a highly prized commodity for traders. However, whether such a breakout is genuine is another matter altogether.
For a bona fide breakout, the stock’s earlier resistance barrier should become its new support level. This only happens if the trading channel that has been established is tested by observing long-term price trends. The strength of the support and resistance levels can be ascertained only through such a study. Despite the risk of misidentification, correctly identifying such stocks can yield considerable returns, even at a price that may not seem attractive at first glance.
Here are the top three stocks:
BRC is a premium coffee company. BRC currently carries a Zacks Rank #2. BRCC has an expected earnings growth rate of 111.1% for the current year.
Costamare operates as a containership owner, chartering its vessels to liner companies. Costamare currently sports a Zacks Rank #1. CMRE has an expected earnings growth rate of 48.8% for the current year.
Elutia develops and commercializes biologic products to improve compatibility between medical devices and the patients who need them. Elutia currently has a Zacks Rank #2. ELUT has an expected earnings growth rate of 39.7% for the current year.
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Costamare Inc. (CMRE) : Free Stock Analysis Report
BRC Inc. (BRCC) : Free Stock Analysis Report
Elutia Inc. (ELUT) : Free Stock Analysis Report
