I ran some scans this morning looking for some new breakouts to 1-year highs. With the market pushing up for the last month, these food companies are starting to accelerate.
First, Archer Daniels Midland is breaking out to new three year highs.
Pinnacle Foods is breaking out above prior year highs.
Nomad Foods (NOMD) has a nice chart that looks like it is starting to reaccelerate.
If you are looking to diversify into the unloved Consumer Staples sector, these names have nice setups.
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Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.