Marinemax is staying afloat in these choppy waters! Let’s look at $HZO – May 6, 2021
This is Scott with your Chart of the Day. I want to take a look at MarineMax ( NYSE: HZO ). Despite the fact that the market has been choppy waters lately MarineMax ( NYSE: HZO ) has held up pretty well. You can see we hit a high here right near the end of March, came back down, built a base around that 50-day moving average. And then now has kind of developed a little bit of a cup without a handle.
I think that this 63.90 level is pretty important here on MarineMax ( NYSE: HZO ). What I am going to do is set an alert for a potential breakout right along that trendline. We have a clearly defined level of resistance here and we are right close to that resistance again. Now I know that breakouts haven’t really been great in this market so I want to see a move through $64.00 on higher than average daily volume before taking a position.
This could very well just kind of chop sideways a little bit, build a little more of a handle and then break out. But based on the fact that this stock has been able to hold above all of its major moving averages this entire time that the SPY ( NYSEARCA: SPY ) has been kind of chopping around going sideways, I think it makes MarineMax ( NYSE: HZO ) a pretty good breakout potential candidate. So keep an eye on MarineMax ( NYSE: HZO ), I have an alert just under $64.00.
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