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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

Monadelphous Group LTD (MND) – Breakout above the LT downward trendline indicates a base has formed. Rising Trend Index troughs suggest buying pressure.

Monadelphous Group LTD (MND)

Canada

Chorus Aviation Inc (CHR) – Recovery from a deep trough and rising Twiggs Trend Index indicates a change in sentiment. Breakout above 4.50 would signal a fresh advance.

Chorus Aviation Inc (CHR)

Pizza Pizza Royalty Corp (PZA) – Trend Index troughs above zero indicate LT buying pressure and a strong up-trend. Retracement that respects the new support level of 12.00 would confirm a fresh advance.

Pizza Pizza Royalty Corp (PZA)

UK

Gold Bullion Securities LD (GBSS) – Breakout above 12,900. Trend Index troughs at zero indicate LT buying pressure. Retracement that respects the new support level of 12,900 would confirm a fresh advance.

Gold Bullion Securities LD (GBSS)

iShares Physical Metals PLC (SGLN) – Recovered from its recent trough, with rising Trend Index troughs indicating buying pressure. Retracement that respects the new support level of 2,700 would confirm a fresh advance.

iShares Physical Metals PLC (SGLN)

USA

CDK Global Inc (CDK) – Broke resistance at 45.00. Rising Trend Index troughs indicate buying pressure.

CDK Global Inc (CDK)

Eagle Bulk Ship (EGLE) – Completed a double-bottom pattern with breakout above 55.00. Trend Index trough at zero indicates buying pressure. Retracement that respects support at 50.00 would confirm a fresh advance.

Eagle Bulk Ship (EGLE)

Kraft Heinz Company (KHC) – Recovered from its recent trough, while rising Trend Index troughs indicate buying pressure. Retracement that respects the new support level at 38.00 would confirm a fresh advance.

Kraft Heinz Company (KHC)

MRC Global Inc (MRC) – Breakout above 9.00 completes a reversal. Rising Trend Index trough suggest improving buying pressure. Expect retracement to test the new support level at 9.00; respect would confirm a fresh advance.

MRC Global Inc (MRC)

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

If you go down to the woods today
You're sure of a big surprise.
If you go down to the woods today
You'd better go in disguise!

For every bear that ever there was
Will gather there for certain,
Because today's the day the
Teddy Bears have their picnic…

~ John Walter Bratton and Jimmy Kennedy, Teddy Bear's Picnic (1932)

Stock market clouds are gathering and the bears are preparing for a picnic.


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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