Below is a list of ASX stocks that could be experiencing a breakout.
A breakout refers to when the price of an asset moves above a resistance area, or moves below a support area.
Breakouts indicate the potential for the price to start trending in the breakout direction.
For example, a breakout to the upside from a chart pattern could indicate the price will start trending higher.
The resistance or support level becomes a line in the sand that many traders use to set entry points or stop-loss levels.
When the price breaks through the support or resistance level traders waiting for the breakout jump in, and those who didn't want the price to "breakout", exit their positions to avoid larger losses.
Breakouts that occur on high volume (relative to normal volume) show greater conviction, which means the price is more likely to trend in that direction.
NOTE: Scans are conducted after market close each day, so companies in the table met the criteria at the most recent close.
List of Companies
At the close: 4/12/23 (AEDT)