Poultry producer Tyson Foods and travel company The Priceline Group may not seem related at first glance. But both companies' stocks show similar trends that could signal a breakout, according to one technician.
Tyson and Priceline enjoyed steady climbs through early 2014, but have cooled off and consolidated since. But both look "poised to break out" now, said Carter Worth, head of technical analysis at Cornerstone Macro.
Tyson hit an all-time closing peak above $45 per share in June, only a dollar above the roughly $44 a share reached in March of last year.
Priceline, meanwhile, has gone sideways since its all-time closing high above $1,370 a share in March 2014. The closest it came to reaching that closing level this year was in August, when it ended just below $1,352 per share.
The big run up, combined with a sluggish span, are both precursors to strength, Worth said. Still, in those conditions, a rally comes to pass about two-thirds of the time.
Tyson and Priceline both closed slightly lower Monday.