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
Abacus Property Group (ABP) – Breakout from a shallow trough continuing the LT up-trend. Trend Index holding above zero indicates LT buying pressure. Respect of new support at 3.70 would confirm a fresh advance.
Centuria Industrial REIT (CIP) – Recovered from a deep trough. Follow-through above 4.10 would confirm a fresh advance.
Canada
AltaGas Ltd (ALA) – Recovered from a bullish shallow trough. Follow-through above 27.00 would signal a fresh advance.
Slate Grocery REIT (SGR-UN) – Strong breakout from a bullish shallow trough. The LT up-trend and Trend Index trough above zero indicate LT buying pressure.
UK
Audioboom Group Plc (BOOM) – Strong breakout from a shallow trough. The LT up-trend and Trend Index troughs above zero indicate LT buying pressure.
USA
Edwards Lifesciences Corp (EW) – Testing resistance at 122.00. Trend Index troughs above zero indicate buying pressure. Follow-through above 125.00 would signal a fresh advance.
First NW Banc (FNWB) – Breakout above resistance at 19.00, while Trend Index troughs at zero indicate buying pressure. Follow-through above 19.50 would confirm a fresh advance.
Laboratory Corp of America Holdings (LH) – Breakout above resistance at 300. Trend Index troughs above zero indicate LT buying pressure. Follow-through above 310 would signal a fresh advance.
Quidel Corp (QDEL) – Formed a broad base below 150 with rising Trend Index indicating increased interest from buyers. Retracement that respects the new support level (150) would confirm a primary advance.
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
Patience is bitter, but its fruit is sweet.
~ Jean-Jacques Rousseau
Season's Greetings
This is our last newsletter for the year. We will be taking a break between Christmas and the New Year, returning in early January.
We wish you all peace and goodwill over the Christmas season and prosperity in the year ahead.
Take care during the holidays,
Incredible Charts Team
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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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