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By September 4, 2017 0 Comments

Facebook, Boeing Lead These 5 Top Stocks Near Buys In This Bullish Pattern

As the Nasdaq composite, S&P 500 index and Dow Jones industrial average near record highs, Facebook (FB), Boeing (BA), Netflix (NFLX), McDonald’s (MCD) and Burger King parent Restaurant Brands International (QSR) are among the stocks that have formed flat bases.

XAutoplay: On | OffFacebook and Netflix are both FANG internet stock members, while Boeing and McDonald’s are Dow components.

Facebook

The social networking king has just formed a flat base after five weeks of tight trading with a buy point of 175.59 and ended Friday at 172.02. The stock last broke out in January and entered profit-taking territory from that earlier base in July.

Facebook’s monthly active user tally recently topped 2 billion, and usership of its Instragram Stories feature has eclipsed that of Snap’s Snapchat (SNAP), due in part to its mimicking of key Snapchat features.

Boeing

Boeing also just formed a flat base — this one with a 246.59 buy point — and finished Friday at 240.33. The stock last broke out in May, triggered a profit-taking signal in late July, and has since moved sideways in a tight pattern since its July 31 peak.

Shares jumped in late July on the aerospace giant’s second-quarter report and more bullish guidance on earnings and cash flow.

Boeing shares are up 54% so far in 2017, easily the Dow’s top performer. Apple (AAPL), the Dow’s No. 2, is up 42%.

Netflix

Shares of the video-streaming service are currently in a flat base with a 191.60 entry. Netflix rebounded from its 50-day line over the past week after testing support at that key level in late August. Shares are at 174.74.

Netflix had burst out of an earlier flat base in July following its second-quarter earnings report but erased those gains over the subsequent weeks.


IBD’S TAKE: Flat bases, which require a minimum of five weeks, have been especially common in recent months with the market grinding higher. Learn more about this super growth stock pattern.


McDonald’s

The burger chain’s stock has been close to breaking out of a recently formed flat base with a 160.08 buy point. Shares dipped 0.1% to 159.81 on Friday after rising intraday to 160.20, briefly topping the entry point. The stock tested support at its 50-day line early last month. McDonald’s is the fourth-best Dow performer in 2017, up 31%.

Restaurant Brands International

Shares of the parent of Burger King are in a two-month consolidation with a 63.04 entry. The stock, which has wrapped around its 50-day line in recent days, finished at 61.28 on Friday.

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News – Investor’s Business Daily

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