Five Stocks Near Buy Points — With This Caveat

Your stocks to watch include five names near buy points — Chevron (CVX), ZIM Integrated Shipping (ZIM), Old Dominion Freight Line (ODFL), O’Reilly Automotive (ORLY) and Life Storage (LSI).


However, investors should proceed with caution. Market conditions are not favorable, with omicron variant fears and hawkish Fed signals weighing on sentiment.

Chevron Stock

Shares dipped 0.6% to 114.41 in the stock market on Friday. Chevron stock were still within range of a cup base with a 113.21 buy point.

As crude oil prices slide, shares of the integrated oil giant are holding up relatively well. U.S. oil prices have fallen amid worries over omicron’s potential impact on the economy.

Chevron has an 82 Composite Rating. Their EPS Rating is 68. The stock’s relative strength line has rebounded since September.

ZIM Stock

ZIM Integrated Shipping, down 0.9% to 54.35 on Friday, was in a cup-with-handle base. The buy point on that base is 60.19. In a healthier market, investors could find an early entry in ZIM stock just below 58.

The ocean-freight container liner, as with some other stocks to watch here, has a strong Composite Rating. That rating currently stands at 99, the best possible. The stock’s EPS Rating is 84.

ZIM, as with some other shipping stocks, has put up huge profit gains over the past year. Shipping-container costs surged earlier this year as pandemic restrictions and a wave of online buying strained the world’s port system. The company last month reported third-quarter results that beat expectations.

Old Dominion Freight Line Stock

Old Dominion Freight Line, a trucking company, rose 0.5% to 358.98 on Friday. ODFL stock now has a three-weeks-tight add-on buy point of 364.93. That tight action follows a strong run from mid-October.

Similar to ZIM, Old Dominion has benefited from an increase in freight prices amid the supply-chain crunch, but on the ground. The company operates in the less-than-truckload market, in which shipments for multiple customers go into one trailer.

Business for those carriers has increased as more people shop online. However, the trucking industry has had trouble retaining drivers, as those workers seek out jobs closer to home with higher pay and less demanding hours. A lack of available drivers has also raised shipping prices.

In keeping with the other stocks to watch here, ODFL stock has a strong 99 Composite Rating. Its EPS Rating is 97. Its relative strength line has risen steadily since the summer, indicating outperformance of the broader market.

Old Dominion was Friday’s IBD Stock Of The Day.

O’Reilly Automotive Stock

O’Reilly Automotive stock, up 0.3% to 659.18, is just below a 669.19 buy point of a flat base. The RS line for ORLY stock hit a new high Friday.

Shares of the auto-parts retailer have a 96 Composite Rating. Their EPS Rating is 88.

Auto-parts retailers have been among the stocks to watch over the past year, after rising prices for new cars and production issues related to the chip shortage prompted more customers to buy or stick with used vehicles. That trend helped boost demand for auto parts. The pandemic has also kept more people away from public transportation.

Life Storage Stock

Life Storage stock dipped 0.4% to 135.75 on Friday. That’s still just in range of a 129.97 buy point of a cup base.

But LSI stock now has a flat base, part of a base-on-base pattern with a 140.05 buy point.

The real estate investment trust runs storage facilities across 34 states. Demand for such storage space increased after more people moved during the pandemic.

LSI stock have a 97 Composite Rating and a 91 EPS Rating. The RS line for Life Storage stock hit a new high Friday.


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