Recent Breakouts
We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Our recent breakout scan returned a few promising stocks in the USA and Canada but none in Australia or the UK.
Canada
Cardinal Energy Ltd (CJ) recovered from its recent deep trough and shows a strong up-trend. Breakout above 5.50 and Trend Index troughs above zero indicate long-term buying pressure.
USA
Greene County BNCP (GCBC) recovered from its recent trough with a breakout above 38.00. A Trend Index trough at zero indicates buying pressure. Expect retracement to test the new support level. Respect would confirm a fresh advance.
United Parcel Service (UPS) – Breakout above 220.00 completes recovery from a deep trough. Trend Index troughs above zero confirm buying pressure. Retracement that respects the new support level at 220.00 would confirm a fresh 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
Men, it has been well said, think in herds;
it will be seen that they go mad in herds,
while they only recover their senses slowly,
and one by one.~ Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds (1852)
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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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