Given the headlines that circulated in April, it’s hard to believe that the Nasdaq finished up more than 12% with the Dow Jones Industrial Average following closely with an 11% gain. However, mixed earnings results for the most heavily-weighted companies in these indices may halt upward traction.
Heavy hitters, 3M Co. (MMM), Caterpillar Inc. (CAT), The Walt Disney Company (DIS), and Cisco Systems, Inc. (CSCO) are still on deck to report earnings and shareholder sentiment could be mixed.
Our scanning tools look past sentiment to identify bullish charting patterns and price action with technical momentum.
These 5 stocks are showing strong, long-term bullish trends going into May 2020.
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Strongest Stocks for May 2020
AstraZeneca (AZN)
This global, biopharmaceutical company develops and commercializes a wide variety of prescription medications in the therapy areas of oncology, cardiovascular, respiratory, and immunology.
Avg. Volume: 4,787,832
Market Cap: 135.9B
Monthly Green Trade Triangle: 4/27/20 at $51.55
Smart Scan Score: +90
A new green monthly Trade Triangle triggered on April 27, 2020, at $51.55 after the stock’s price shifted into a long-term uptrend.
Members following the long-term strategy would be holding a long position.
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Bandwidth Inc. (BAND)
Bandwidth Inc. is a cloud-based software company that provides communications solutions for enterprise companies like Google, Zoom, Ring Central, and Skype.
Avg. Volume: 381,267
Market Cap: 2.14B
Monthly Green Trade Triangle: 5/1/20 at $88.00
Smart Scan Score: +100
MarketClub members received a new green monthly Trade Triangle on May 1, 2020, at $88.
BAND is now in the confines of a long-term uptrend with the potential for a run higher. Members could hold a long position until the trend score weakens or a new Trade Triangle is issued.
iRobot Corporation (IRBT)
This powerhouse company designs, builds, and sells robotic products for the worldwide consumer market. From lawnmowers to vacuums, iRobot’s product line includes popular names like Roomba, Terra, and Roots.
Avg. Volume:1,408,454
Market Cap: 1.64B
Monthly Green Trade Triangle: 4/28/20 at $58.84
Smart Scan Score: +100
A new monthly Trade Triangle was issued on April 28, 2020, at $58.84.
A strong Chart Analysis Score suggests that there is more room to the upside for IRBT and members should hold the long position established in late April.
The Boston Beer Company, Inc. (SAM)
Known for it’s popular Samuel Adams Boston Lager, the Boston Beer Company produces and sells adult beverages primarily to U.S. wholesalers.
Avg. Volume: 184,343
Market Cap: 5.65B
Monthly Green Trade Triangle: 4/23/20 at $433.62
Smart Scan Score: +90
MarketClub members received a monthly Trade Triangle on April 23, 2020, at $433.62. The stock has continued to move up, sitting at $468.17 (up 7.9%) as of May 1, 2020.
A strong Chart Analysis Score and the monthly Trade Triangle suggests that the stock has more room to the upside.
Wingstop, Inc. (WING)
Wingstop franchises and operates restaurants specializing in chicken wings, boneless wings, and tenders. The company has 1,354 franchised locations, with 154 of those operated internationally.
Avg. Volume: 709,791
Market Cap: 3.42B
Monthly Green Trade Triangle: 4/16/20 at $103.15
Smart Scan Score: +100
A new long-term Trade Triangle was issued for WING on April 16, 2020, at $103.15.
The stock has since moved more than 11% and continues to show a +100 Chart Analysis Score. Members would be sitting in a long position until the momentum cools.
Changes in price action and momentum may alter the outlook for these 5 stocks. This does NOT mean you should sit in front of your computer to monitor the action!
Let MarketClub carefully watch these stocks for you.
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