7 stocks at 52-week highs
Momentum traders should keep an eye on these stars.
By Tim Parker
The market still sits at levels that many consider overvalued.
Below is a list of notable stocks that have reached a 52-week high. If you're a momentum trader, take note.
Acxiom Corporation (ACXM)
The stock has had a huge year and its healthy Dow-theory-looking chart should have technical traders feeling good about the name. Acxiom was up fractionally Tuesday but printed a new high. This stock looks like it wants to go higher.
Dish Network (DISH)
Dish is another stock with a chart moving from the lower left to the upper right with some healthy yet manageable bouts of profit taking in between. After a brief move to the downside in November, the stock continues higher.
Dow Chemical (DOW)
The stock moved higher through the middle of October when it sold off and formed a basing pattern. Earlier this month, Dow Chemical rocketed higher and now prints fresh highs. Looking at its upper ascending trend line, the stock could have another two dollars of upside in the near future.
For investors that didn’t give up on Facebook, they were rewarded once August came. The stock moved considerably higher only to sell off in November but has since moved to new 52-week highs.
Hedge fund manager Bill Ackman can’t catch a break on this name. The stock added another 1.25 percent to its more than 130 percent gains this year. Technically, Herbalife is now above all moving averages and trend lines and looks poised to move higher.
Legg Mason (LM)
This financial name has had a volatile year but since October, it has moved sharply to the upside. This stock is another reason why traders should look for those periods where a stock seems stalled. That often leads to further upside, especially in a bull market. After a brief basing pattern, the stock saw fast moves to the upside.
Visa, along with MasterCard, is sitting at 52-week highs. It’s been a good year for credit card stocks and after a few large moves to the downside, Visa has bounced back and looking like it will continue higher.
Disclosure: At the time of this writing, Tim Parker had no position in the companies mentioned.
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