Stocks that have been going up recently tend to keep going up; the ones falling tend to keep falling — for medium horizons.
George-Hwang 2004: distance to the 52-week high predicts returns — investors anchor on the high and under-react near it. We use the 52-week-range position + short-term price action + revenue acceleration, NOT the Jegadeesh-Titman 12-1 construction. High momentum = trading strong near its high with business momentum behind it.