With a follow-through day sparking a new uptrend last week, oil stocks, chemicals, and semiconductor stocks are powering a fresh watchlist of bases and buy zones on the IBD Breakout Stocks Index. Energy stocks like Baker Hughes, EQT, Williams Cos., Western Midstream Partners and TotalEnergies lead the charge.
Chemicals firms, including The Chemours Co., Linde and Sociedad Quimica y Minera, also make the latest weekly update to the index.
The IBD Breakout Opportunities ETF tracks stocks on the IBD Breakout Stocks Index. As the BOUT ETF looks to retake its 10-week moving average following the recent bear market, a crop of medical stocks join the index. Among them are Regeneron Pharmaceuticals, Sanofi, United Therapeutics, Pfizer AstraZeneca and more.
While tech stocks have taken a beating this year, semiconductor and software stocks Photronics, Analog Devices and Synopsys have earned a spot on the IBD Breakouts Stocks Index.
In New Uptrend, See Which Oil Stocks And Others Join The IBD Breakout Stocks Index
Oil Stocks In Or Near A New Buy Zone
Showing the continued strength of energy stocks, the Energy Select Sector SPDR ETF continues to trade around a new high. Riding that wave, EQT and WMB stock are both extended from their most recent breakouts. But several oil stocks are in or near new buy zones.
Western Midstream Partners is in a new buy zone, while TotalEnergies takes aim at a 60.13 buy point with its relative strength line already hitting a new high.
Baker Hughes, featured in this column May 25, continues to climb toward a 39.88 entry.
Medical Stocks Try To Shake Off Colds
Several health care and medical stocks join the group of oil stocks on the BOUT ETF, with some feeling a little under the weather — and below key moving averages — as they try to complete their current chart patterns.
United Therapeutics just received FDA approval of Tyvaso DPI, a convenient dry powder inhaler. Tyvaso DPI is used for treatment of pulmonary arterial high blood pressure (PAH) and pulmonary high blood pressure associated with interstitial lung disease (PH-ILD). Last week, the FDA approval helped UTHR stock soar past a 217.94 buy point in huge volume. United Therapeutics is now extended.
Sanofi, AstraZeneca, Pfizer and Regeneron are all setting up new bases, with varying degrees of success. Pfizer has found support at its 50-day line while basing. Sanofi and AstraZeneca are testing support at that benchmark line as they look to complete new bases. Regeneron fell below its 50-day line Tuesday in heavy volume.
Meanwhile, managed health care provider Cigna is again testing a buy zone after breaking out and pulling back in the middle of May.
Photronics Leads Tech Stocks On BOUT ETF
With its relative strength line soaring, semiconductor equipment maker Photronics has soared in heavy volume since reporting earnings on May 25. PLAB stock is now extended.
Analog Devices is consolidating after coming off a new high in November. On Tuesday, ADI stock closed above its 50-day moving average.
Synopsys is trying to regain its 200-day line as it builds what looks to become a double bottom.
IBD Breakout Opportunities ETF
The IBD Breakout Opportunities ETF from Innovator Capital Management tracks the IBD Breakout Stocks Index. As with other index ETFs, this fund allows you to essentially invest in the entire index in addition to or rather than buying the individual stocks. Learn more here about the ETF and Innovator funds.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
