Five stocks with strong continuation patterns are Patrick Industries (PATK), Builders FirstSource (BLDR), Louisiana-Pacific Corp. (LPX), Altisource Portfolio Solutions S.A. (ASPS), and XPO Logistics (XPO).
PATK has been in a beautiful rising channel since November of last year that has taken the stock up seven-fold from 2 to over 14. Its surge on Monday of 1.24 to 14.14 took it to the top of its triangular ascending channel, positioning it to break above the resistance line from March.
BLDR similarly has risen since November of last year, in its case three-fold from the 1 1/2 area to Monday's close of 4.35. The stock has been in a sideways channel for the past three months, and its rally of nearly 10% in the last three sessions positions it against its resistance line, poised for a possible breakout.
LPX's move on Monday broke through its resistance line in the 10 area that has contained prices since March. The stock, up 10% so far in June, also is poised to continue the up-trend that has seen the stock more than double since early October.
ASPS, too, has broken through resistance with its moves of the last few sessions, up nearly 3 yesterday to 70.37, and is now at a new all-time high. The stock, which has also doubled since October, is positioned for more upside.
Lastly, XPO has edged above the top of its sideways channel in which it has consolidated over the past three months, after a surge from 7.05 in early October to 18.34 in early March. The stock, too, looks ready to continue its up-trend.
Originally published on TraderHR.com.
