It had been a slow couple of weeks for breakout stocks as the market worked off recent gains, consolidating to major support areas.  That is until today’s big reversal following the release of the Fed minutes, indicating rate hikes are nearing an end while inflation remains in check. Today’s move was critical in that support in the major indices were dangerously close to being violated (in fact, the Nasdaq had breached support of the 50 day moving aveage early in the trading day).

With today’s big reversal came a surge in breakouts, primarily from the oil sector.  Oil had begun surging a few weeks back when I highlighted them in the last breakout stocks report, and today a climb in crude sparked another round of breakouts in the sector.  In all, 8 stocks in the oil sector broke out, led by highly rated PetroChina (PTR) and EnGlobal (ENG).

Here’s a screenshot of stocks that have broken out over the past 2 weeks, with a total rank of 50 or higher.  For a much larger view please have at this page.

PetroChina broke out today after consolidating for a month in the right side of a decent looking base.  Expect some resistance around 85 and 90 as it approaches all time highs.

ENGlobal continues its bullish action with today’s breakout move from the short handle.  The chart below shows a couple of high volume reversals (one from 10.96 and one from 9.20, which are negative, but those are most likely data glitches since they don’t show up in charts from other services).  I like that high volume gap up in the right side.

Be sure to take a look at the charts of other highly rated breakouts in the screenshot above..