Simpson Manufacturing a Breakout? (SSD)

by | Feb 22, 2024

NVDA went and did it again. It has produced blowout earrings after blowout earnings.

Crazy.

Is the NVDA move sustainable? Almost certainly not.

But that doesn’t mean it’s not going to soar a little while longer.

Another sector that’s been quietly red-hot is the Building sector. Those stocks have been tearing it up and Simpson Manufacturing is no different. 

Here’s the chart for SSD:

Considering the high positive momentum of its sector (it’s in the top 10), a break over $202.14 could lead to a tech-like surge.

We’ll keep an eye on it.

 

Happy trading,

— Scott Welsh

P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.

WRITTEN BY<br>Scott Welsh

WRITTEN BY
Scott Welsh

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