2024 Base Finder
Last October, an edition of this report was entitled “10 big bases in the tech sector”. That report proved highly successful, with 9 of those stocks breaking out in the following 2 months.
At the time, those large two-year bases were mostly found in the technology sector. But one reason to remain bullish on 2024 is that many of the large bases at the individual stock level can now be found across the sector spectrum.
I’ve combed through all the charts in the S&P 500 (and found a few outside it), and today’s report will highlight some of the most attractive bases I could find, many sitting on the verge of all-time highs.
I’ve been working on this report for about two weeks, and a few of the stocks have broken out during that time. But I’ve opted to keep them here for two reasons:
These are long-term charts and the long-term potential remains
Pullbacks in those names can be even higher risk/reward trades, especially pullbacks to the breakout point/support
Without further ado, your 2024 Base Finder.
AMAT: Applied Materials
AMAT broke out yesterday and $167 can now be used as a stop for new money.
AMD: Advanced Micro Devices
AMD broke out on Friday, retested that point on Tuesday, and spiked 5.9% yesterday. This stock just broke out but it’s still important to manage risk in these semiconductor names. AMD is 30% above its 50-DMA and 56% above its 200-DMA, far from the most extreme levels the stock has ever seen, but certainly getting into thin air.