Recent Breakouts
Our recent breakout scan returned a number of promising stocks for review.
We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Australia
Charter Hall Social Infrastructure REIT (CQE) – Recovered from its recent shallow trough and shows a strong up-trend. Trend Index trough above zero indicates rising buying pressure. Follow-through above 4.00 would signal a fresh advance.
More Australian charts
Jumbo Interactive Ltd (JIN) – Strong breakout from a deep trough, continuing the LT up-trend. Rising Trend Index indicates increasing buying pressure. Retracement that respects 18.00 would confirm a fresh advance.
Telix Pharmaceuticals Ltd (TLX) – Breakout from an ascending triangle offers a target of 9.50 for another advance in the strong LT up-trend. Trend Index troughs respecting zero indicate healthy buying pressure. Retracement that respects support at 7.50 would confirm the advance.
Canada
Telus Corp (T) – Testing resistance at 29.50. LT up-trend. Follow-through above 30.00 would signal a fresh advance.
UK
No significant breakouts this week.
USA
AbbVie Inc (ABBV) – Strong breakout from a deep trough offers a target of 145.00. Trend Index trough above zero indicates rising buying pressure.
A word of caution
The above stocks are selected on the basis of technical analysis and do not consider fundamentals like sales, earnings, debt, etc. Please do your own research. They are not a recommendation to buy or sell.
Quote for the Week
What we have learned from history is that we haven't learned from history.
~ Doug Kass, 50 laws of investing
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Colin Twiggs is director of The Patient Investor Pty Ltd, an Authorised Representative (no. 1256439) of MoneySherpa Pty Limited which holds Australian Financial Services Licence No. 451289.
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