GE stock has been in buy territory since its latest breakout. Amazon stock is about to breakout. Li Auto stock is entering early trading. Novo Nordisk stock is showing a new flat bottom after bouncing off key levels. MongoDB stock continues to consolidate and could be headed higher. Provides potential handle entries.
Relative strength is key
Except for Li Auto, all of these top stocks have relative strength line At or near consolidation and 52-week highs. However, lithium stocks show that the RS line is improving.
GE Stock and AMZN Stock Appeared in MarketSmith RS Line Blue Dot Screenwhere the stocks listed are at bottoms or breaking above the RS line to new highs. MarketSmith Chart The end of the RS line for such stocks will be marked with a blue dot.
strong stock market November’s rally has pushed these and other top stocks near buy points.
General Electric Stock
On Thursday’s breakout, GE stock’s RS line on the MarketSmith weekly chart showed a blue dot, which is a positive sign.
One downside has been GE’s gains over the past few weeks, with lower-than-average trading volume.
A relative strength rating of 95 means GE stock has performed better than 95% of the stocks in IBD’s database over the past 12 months.
Profit has surged and revenue growth has accelerated over the past four quarters.
In the past week, GE announces a massive order for new jet engines The upcoming boards of directors for the GE Vernova and GE Aerospace divisions were also announced.
The news pushed GE shares to their highest levels since the diversified conglomerate announced a massive spinoff six years ago.
Shares of the e-commerce giant rose 1.1% this week to 145.18. Amazon shares broke through a 145.86 buy point on Tuesday before retreating slightly. Amazon stock appears to be consolidating to form a handle near the top as it pulls back.
The RS line for Amazon stock on the MarketSmith weekly chart also shows a blue dot as it hits its highs. Doing so before a breakout is especially bullish.
AMZN stock has a Composite Rating of 87, an EPS Rating of 82, and an RS Rating of 94.
The e-commerce leader announced Thursday It will start selling cars online for the first time 2024.
It will partner with Hyundai Motor on the potentially game-changing initiative, with the South Korean automaker using Amazon Web Services (AWS) to provide cloud services as part of the deal.
Amazon’s third-quarter profit soared 236% from the same period last year, and revenue growth accelerated slightly for the second consecutive quarter, reaching 13%.
Li Auto Co., Ltd.
U.S.-listed shares of the Chinese electric vehicle startup rose on Friday, rising 10.4% for the week. Lithium stocks rebounded above the morning low of 40.14 points, clearing for the first time on Wednesday.
Li Auto stock’s RS line is trending higher, but is still below the consolidation peak.
This top electric vehicle stock has a Composite Rating of 98, an EPS Rating of 81, and an RS Rating of 97.
On November 17, Li Auto’s first pure electric vehicle, the high-end minivan Mega, started pre-sale.
The company recently reported record electric vehicle sales in October and gave strong guidance for November and December.
In addition, Li Auto announced that its third-quarter profit was much higher than expected. It has achieved profitability for the fourth consecutive quarter, and sales growth has also accelerated for the fourth consecutive quarter.
Amid fierce competition from electric vehicles in China, the company’s revenue guidance showed some profit pressure.
Novo Nordisk Stock
Shares of diet pill maker Wegovy rebounded from a test of its 50-day moving average on Thursday and extended gains on Friday, ending the week up 0.2% at 101.39. 104 buy point.
NVO stock made a controversial aggressive entry on Friday, clearing a short-lived downtrend and breaking above the 100 level.
NVO stock’s RS line is near the highs and not far from the consolidation peak.
The pharmaceutical company’s stock has a Composite Rating of 98, an EPS Rating of 97, and an RS Rating of 95.
IBD selects Novo Nordisk for its Stocks of the day Thursday. The company’s weight-loss drug Wegovy can reduce the incidence of heart disease and stroke, a study suggests.
Database software stocks rose on Friday, rising 4.2% for the week. MongoDB stock recently broke above its 50-day moving average and continues to trade above its traditional 439 buy point following a prolonged consolidation.
MongoDB may try to create a handle, but it won’t give up much ground. A pause would allow the 50-day line to start catching up.
MDB stock’s rising RS line is almost back near its consolidation peak.
This top software stock has a Composite Rating of 99, an EPS Rating of 82, and an RS Rating of 98.
Like Amazon stock, Datadog holds a spot on the prestigious IBD rankings.
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