Stocks To Watch At New Highs: ExxonMobil, Petroleo Brasileiro

Two energy stocks and a shipbuilder stock are ones to watch as they hit 52-week highs and topped buy points Friday.

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Petrobras (PBRA), Exxon Mobil (XOM) and Huntington Ingalls Industries (HII) are near the buy points of their bases. Remember, the stock market continues to be in a correction, which makes stock purchases extra risky. For now, it’s best to do your research on the sidelines.

Stocks To Watch: Energy Stocks Petrobras, Exxon Mobil

Brazilian petroleum producer Petrobras rallied, breaking out of a cup base with a 14.06 buy point. The energy stock became extended from the 5% buy zone, according to MarketSmith pattern recognition.

Shares are at a 52-week high, with the relative strength line hitting news highs as indicted by the blue dot on the weekly MarketSmith chart. PBRA holds pristine 99 Relative Strength and Composite Ratings. It has a high 31% return on equity.

Exxon Mobil broke out of an undefined choppy base after hitting the 105.67 buy point. Shares are approaching an all-time high. Its relative strength line also hit a new high.

The energy stock has produced impressive quarterly EPS growth since it posted a loss in 2020. Quarterly sales growth has ranged from 53% to 83% in the last four quarters. The company is scheduled to report Q3 earnings Oct. 28.

Shipbuilder Shows High Relative Strength

Military shipbuilder Huntington Ingalls is trading above the 243.56 buy point of a flat base and is in  the 5% buy zone. The stock has a 94 RS Rating and an 88 Composite Rating. Its relative strength line hit a new high on the weekly chart.

Huntington Ingalls has a low 67 EPS Rating due to volatile quarterly EPS numbers. Analysts are projecting 16% annual EPS growth for 2022 and again in 2023.

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