These stocks held up well in the face of widespread selling, which may bode well for these stocks going forward if the market indices firm up and begin to move higher. When the stock market indices are rallying, it acts like a wind in the sails, pushing the majority of stock higher.
October is historically a strong month for stocks, while September is a weak month for stocks.
According to research conducted by Cory Mitchell, an analyst at Trading.biz, the following three stocks have demonstrated exceptional performance over the past month.
Performance statistics and the chart are provided by TradingView. The chart shows all three stocks and their price performance over the last year.
- TAL Education (TAL)
TAL is an education company in China focused on learning with technology.
- 1-month return: 24.8%
- 1-year return: 78.2%
TAL lost 98% of its stock value in 2021 and 2022 after it spun off the most profitable part of its business. The stock hit a low of $1.60 in early 2022 but has been rallying back since. The stock is up more than 20% since the start of September despite the S&P 500 being down about 5%. The trend is currently up.
- Alteryx (AYX)
AYX provides data analytics software to businesses.
- 1-month return: 23.1%
- 1-year return: -35.6%
AYX has been in a downtrend throughout 2023. It lost 60% of its value between the February high and August low. Since the August low at $27.92, the price has been rallying, currently trading at $36.44. The overall trend remains down for 2023, but if the price can start making high swing highs and higher swing lows, that would indicate at least a short-term uptrend.
- Splunk (SPLK)
Splunk provides cloud security, monitoring, and analysis to businesses.
- 1-month return: 20.4%
- 1-year return: 87.1%
The stock had been in a downtrend since mid-2020, but that began to change in late 2022. The stock was rallying and then had a single-day 21% jump when Cisco offered to buy the company for $157 per share. The stock is currently trading near $146. This creates an interesting scenario where investors could buy the stock now and pocket an easy 7.5% when and if the deal goes through. The risk is that the deal may not go through, in which case the stock would likely fall. The stock was trading at $120 when Cisco made the offer.
Unveiling Trading Prospects in High-Flying Stocks
Investors often kickstart their search for trading opportunities by scrutinizing the performance of top-performing stocks. These equities exhibit remarkable volatility and movement, which can translate into big returns if handled correctly.
Yet, success in trading is far from guaranteed, even when getting involved in recently strong stocks. The efficacy of a chosen strategy hinges on various factors, including entry tactics, risk mitigation, profit-taking strategies, and proper sizing of positions.