Both of these stocks have been strong in the New Year, logging new 52-week highs on a long-term trend higher. – Charting Zacks Elite Stocks
Posted on January 15, 2010 at 00:00 AM EST
Ambev ( ABV ) just hit a new 52-week high at $107.50 after jumping above a short-term level of resistance between $103 and $104, pushing our 9-month gain in this stock above 100%. Shares of ABV have been locked into a very smooth trend higher for most of the last 9 months after bottoming out with the overall market in March just above $36. The MACD signal, a momentum indicator, is reinforcing the trend, with the short-term moving average trading ahead of its long-term counterpart. Take a look below. Perrigo Company ( PRGO ) recently rebounded from a long-term trend line just above $38 to surge past a short-term level of resistance and hit a new 52-week high at $42.32. We also have a strong MACD signal here, with the short-term moving average recently turning higher. Take a look below. Zacks Investment Research