Chicago, IL – January 13, 2025 – Stocks in this week’s article are Asure Software, Inc. ASUR, Granite Ridge Resources, Inc. GRNT and Priority Technology Holdings, Inc. PRTH.
Buy These Top Stocks Poised for a Breakout
Looking for stocks fluctuating within a specific band, known as breakout stocks, is an active investing strategy. When selecting breakout stocks, it is recommended to sell if prices drop below the lower band and hold for potential gains if they exceed the upper band.
To that end, Asure Software, Inc., Granite Ridge Resources, Inc. and Priority Technology Holdings, Inc. have been selected as the breakout stocks for today.
Zeroing in on Breakout Stocks
To select the right breakout stock, one has first to calculate its support and resistance level. A support level is the lower bound for stock movements, while a resistance level refers to the maximum price it trades within a considerable period.
In other words, the demand for a stock is at its lowest at its support level, which means that most traders are willing to sell it. Most traders are willing to go long on the stock at the resistance level, meaning they would like to add them to their portfolio. The key to identifying breakout stocks is to zero in on those on the verge of a breakout or those that have just broken above the resistance level.
Has a Genuine Breakout Occurred?
The primary risk associated with such a strategy is that the decision to buy an apparent breakout candidate has been incorrectly timed. When a stock moves above the resistance level, it should be a highly prized commodity for traders. However, whether such a breakout is genuine is another matter altogether.
For a bona fide breakout, the stock’s earlier resistance barrier should become its new support level. This only happens if the established trading channel is tested by observing long-term price trends. The strength of the support and resistance levels can be ascertained only through such a study.
Despite the risk of misidentification, correctly identifying such stocks can yield considerable returns, even at a price that may not seem attractive at first glance.
These criteria narrow the universe of more than 6,853 stocks to only nine. Here are the top three stocks:
Asure Software
Asure Software provides cloud-based HCM software solutions in the United States. ASUR has an expected earnings growth rate of 142.9% for the current quarter. It has a Zacks Rank #2.
Granite Ridge Resources
Granite Ridge Resources is a scaled, non-operated oil and gas exploration and production company. GRNT has an expected earnings growth rate of 16.7% for the next quarter. It has a Zacks Rank #2.
Priority Technology
Priority Technology operates as a payment technology company in the United States. PRTH has an expected earnings growth rate of 68.3% for the current year. It has a Zacks Rank #1.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
For the rest of this Screen of the Week article please visit Zacks.com at: https://www.zacks.com/stock/news/2395300/buy-these-3-top-stocks-poised-for-a-breakout-asur-grnt-prth
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Contact: Jim Giaquinto
Company: Zacks.com
Phone: 312-265-9268
Email: pr@zacks.com
Visit: https://www.zacks.com/
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
