Last month, we added the Investors Business Daily 50 List to our chart coverage. This list combined relative strength and strong fundamentals to highlight 50 of the best stocks in the market. Today, I updated the Chartbook for members, so I wanted to highlight some of the best names I'm seeing on this list across several sectors of the market.
First, let's start off with a daily chart of the Innovation IBD 50 ETF (FFTY). Prices have been in a strong uptrend and look to be continuing higher after a failed breakdown below $35.15 and a test of the 200-day moving average (if you're into that sort of thing). Momentum remains in a bullish range, so if prices are above $35.15, our upside objective continues to be $40.75.
CyberArk Software Ltd. (CYBR) is breaking out of a multi-year base to confirm the start of a new structural uptrend. If prices are above $70, we want to be long with an upside objective of $94.30. (See also: 8 Stocks for the Cybersecurity Boom: Goldman.)
Encompass Health Corporation (EHC) is another name that continues to work on the long side after a big breakout about a year ago. If prices are above $77.40, we want to be buying weakness, with an upside target of $106.50.
Palo Alto Networks, Inc. (PANW) has been consolidating above its 2015 highs. If prices are above $200.30, we can be long with an upside objective of $257.70. If prices do make new highs, we want to see that confirmed by momentum breaking back into overbought territory as well.
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Viper Energy Partners LP (VNOM) just recently broke out of a four-year base, clearing its post-IPO highs. While a pause at these levels would be healthy, if the stock price is above $35.50, the bias remains to the upside, with a target of $52.80.
World Wresting Entertainment, Inc. (WWE) has been consolidating above our previous price target of $79.45 and looks to be continuing higher. If prices are above that level, we want to be long with an upside target of $119.80.
If you enjoyed this post and want a full list of IBD 50 stocks we want to be buying, consider joining the All Star Charts community by starting a 30-day risk-free trial or signing up for our "Free Chart of the Week".
Thanks for reading, and let us know if you have any questions!