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Bean Capital Limited - 3 stocks exhibiting strength are nearing buy points, with GE taking the lead
As the market weakens, General Electric (GE) is hovering in a buy zone, making it one of the five stocks to watch for the upcoming week.
Amid mounting global recession concerns, commercial aviation is exhibiting improvement, leading industrial giant GE to display strength. On January 24, GE released its first quarterly results after divesting its healthcare business, revealing a robust earnings beat.
After surpassing the 81.28 buy point in late January, GE stock has entered a buy range for a cup-with-handle base. Buy ranges usually extend 5% beyond a buy point, but since the current handle on the daily and weekly charts is quite small, consolidation for a little longer may prove advantageous.
On Wednesday, luxury homebuilder TOL surpassed Q1 earnings expectations, even though U.S. home prices displayed indications of slowing in January.
Shares of TOL are presently trading in a cup-with-handle base, featuring a 62.71 buy point. After discovering support at the 10-week moving average, they are now retaining the 21-day exponential moving average. Investors may find an initial entry prospect by breaking the down-sloping trendline at the base's handle or by exceeding 60.
On Thursday, online travel agency BKNG outperformed quarterly expectations, fueled by a surge in travel demand. The parent company of Kayak.com, Priceline.com, and its flagship Booking.com disclosed a 36% surge in revenue to $4.05 billion for the quarter. Additionally, earnings soared 56% to $24.74 per share.
BKNG reported a fresh January record for monthly room night bookings, with travelers reserving accommodations further ahead than during the pandemic. Additionally, the company revealed that gross bookings for Q4 had climbed 44% to $27.3 billion.
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