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, Canada and Australia but none in the UK.
Australia
National Australia Bank Ltd (NAB) recovered from its recent shallow trough. Trend Index troughs above zero indicate LT buying pressure. Expect retracement to test the new support level at 30.00. Respect would confirm a fresh advance.
Canada
Precision Drilling Corp (PD) made a strong recovery from a deep trough. Retracement that respects the new support level at 60.00 would confirm a fresh advance.
More Canadian breakout charts
Eldorado Gold (ELD) breakout above 13.00 and rising Trend Index troughs indicate increased buying pressure. Retracement that respects the new support level at 13.00 would confirm a fresh advance.
Boston Pizza Royalties Income Fund (BPF-UN) breakout above 16.00 and Trend Index trough at zero indicate buying pressure. Retracement that respects the new support level at 16.00 would confirm a fresh advance.
USA
Evolution Petroleum Corp (EPM) made a strong recovery from a deep trough, continuing the LT up-trend. Rising Trend Index troughs indicate increased buying pressure. Retracement that respects the new support level at 6.50 would confirm a fresh advance.
More USA breakout charts below
Adma Biologics (ADMA) is testing resistance at 1.70. Rising Trend Index indicates increased buying pressure. Breakout above resistance would signal a fresh advance.
Blucora Inc (BCOR) broke resistance at 18.00. Trend Index holding above zero indicates LT buying pressure. Retracement that respects the new support level at 18.00 would confirm a fresh advance.
Central Valley Community Bancorp (CVCY) shows a strong up-trend. Trend Index troughs above zero indicate LT buying pressure. Breakout above 23.00 completes a cup-and-handle pattern, signalling a fresh advance.
Mattel Inc (MAT) shows a LT up-trend. Breakout from its recent trough signals a fresh advance. Trend Index troughs near zero indicate buyer interest. Retracement that respects the new support level at 23.00 would strengthen the bull signal.
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
The market is like a flu virus — as soon as you think you have it pegged, it mutates into something else.
~ Wayne H. Wagner
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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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