Berkshire, BlackRock have room to run
Look to these and other stocks to continue their trends upward despite having already hit 52-week highs.
If you trade like famed investor Dennis Gartman, you buy high and sell higher. If the chart starts at the lower left and trends to the upper right that means money for long investors.
On Wednesday, some notable companies logged 52-week highs with charts that did just that.
Berkshire Hathaway's B shares (BRK.B) closed up 0.6% at $96.48. This marks a 22% move in the past year for the stock. Not only did the stock reach a 52-week high, it broke out of its ascending channel.
Volume was about one million shares lighter than average, making investors likely watching for follow-through in the next couple of trading sessions. Berkshire's A shares (BRK.A) also traded at a 52-week high Wednesday.
BlackRock (BLK) reached an intraday high but closed down 0.4% at $235.99. Since breaking out of its ascending channel at the beginning of the year, the stock has printed two large gaps higher. The stock's 11% move to the upside this year is impressive, along with rival State Street -- (STT) also printing a 52-week high.
Deere (DE) finished Wednesday up fractionally at $92.77. The stock has stubbornly traded in a 5% range since October but in December, on the back of positive news in the Agriculture sector, the stock broke out of its range. After breaking out of an ascending wedge pattern, Deere has added another 3% in the last few days on favorable volume.
Heinz (HNZ) printed a 0.2% gain Wednesday, closing at $60.28. The company, known for its ketchup, hasn't seen a lot of red in recent months as it has formed a well-defined, tight, ascending channel since June.
The stock has a little more room for upside before it tests the upper end of the channel. Heinz has tried to break out but failed five times since June -- often getting punished on the failure. A breakout could mean even more impressive gains.
U.S. Airways (LCC) confirmed that the airline rally is for real, finishing 1.5% to the upside to close at $15.07. Investors rewarded the airline's earnings report by bidding the stock to new highs. The convincing breakout from its July high could mean a lot more upside to a stock that has seen a 23% gain in the past six months.
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Some investment advisers are entertaining that possibility, especially in light of Monday's triple-digit loss in the Dow.
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