Several stocks have shown strong momentum in recent sessions as broader markets charge to all-time highs. Here’s a look at some standout momentum movers that are just starting to pick up steam.
3 Momentum Names To Watch
Benzinga’s rankings system assigns scores to stocks based on momentum, growth, value and quality. The momentum score is a valuable metric for short-term trading strategies that aim to capture continuation of price trends.
Identifying significant changes in momentum can help traders get ahead of potential changes in general stock direction. Benzinga’s rankings system flagged three stocks that experienced significant changes in bullish momentum over the past week.
BioXcel Therapeutics Inc (NASDAQ:BTAI) saw the biggest week-over-week jump in momentum score, moving from a score of 3.34 on Aug. 4 to a current score of 86.85.
Shares of BioXcel Therapeutics, a biopharmaceutical company using AI to develop transformative medicines in neuroscience, have doubled over the past week and are up approximately 238% over the past month.
BioXcel Therapeutics is currently trading well above its 50-day moving average of $2.11 and 100-day moving average of $1.92, indicating strong upward momentum. Key resistance is observed near the recent high of $7.36, while support can be identified around $6.67.
Telos Corp (NASDAQ:TLS) also saw a strong surge in the momentum rankings this week, with a current score of 84.27, up from last week’s score of 16.25.
Multiple analysts lifted price targets ranging from $4 to $6 this week with shares up about 125% over the past five trading sessions.
Telos is a provider of cyber, cloud and enterprise security solutions. The stock is currently trading well above its 50-day ($2.85), 100-day ($2.69) and 200-day ($3.02) moving averages, indicating a bullish trend and potential support levels at these averages.
Jumia Technologies (NYSE:JMIA) saw its momentum score climb from 21.01 on Aug. 4 to 87.91 this week with shares up about 63% over the past week, according to Benzinga Pro.
Jumia operates a pan-African e-commerce platform. The company is often referred to as the “Amazon of Africa.” The stock is above its 50-day moving average of $4.22, indicating a bullish trend, while the 100-day and 200-day moving averages at $3.39 and $3.58, respectively, suggest strong support levels. Resistance is noted near the recent high of $7.85, which could act as a barrier for further upward movement.
Price Actions: At the time of publication, BioXcel shares were down 12.65% at $5.94, while Telos shares were up 6.01% at $5.56 and Jumia shares were up 5.93% at $7.68, according to Benzinga Pro.
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