Recent Breakouts
Our recent breakout scan returned a number of promising stocks in the USA, Canada and Australia but none in the UK. We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Australia
Gold Road Resources Ltd (GOR) – Testing resistance at 1.67 and shows a LT up-trend. Trend Index troughs at zero indicate buying pressure. Follow-through above 1.70 would signal a fresh advance.
Canada
BMO Covered Call Utilities ETF (ZWU) – Breakout above 13.10 signals recovery from its recent shallow trough. Chart also shows a strong LT up-trend. Trend Index trough above zero indicates buying pressure. Retracement that respects the new support level at 13.00 would confirm a fresh advance.
Torex Gold Resources Inc (TXG) – Recovery from LT downtrend. Rising Trend Index troughs suggests increasing buyer interest. Expect retracement to test the new support level of 16.00. Respect would signal a fresh advance, if confirmed by a Trend Index trough above zero.
USA
Range Resources Corp (RRC) – Recovered from its recent trough and shows a strong up-trend. Retracement respecting the new support level of 25.00 would confirm a fresh advance.
Amdocs Ltd Ord (DOX) – Testing resistance at 82.00. A LT uptrend with Trend Index respecting zero indicates LT buying pressure. Breakout above 82.00 would signal a fresh advance.
Kinder Morgan (KMI) – Testing resistance at 19.00 and shows a LT up-trend. Trend Index trough at zero indicates buying pressure. Breakout above 19.00 would signal a fresh advance.
Now Inc (DNOW) – LT up-trend and rising Trend Index troughs suggest increasing interest from buyers. Retracement that respects the 10.00 support level would confirm a fresh advance.
Transocean Inc (RIG) – Testing resistance at 5.00. Rising Trend Index troughs indicate buyer interest. Breakout above 5.00 would signal a fresh advance.
XCEL Energy Inc (XEL) – Breakout above resistance at 70.00. Trend Index troughs at zero indicate buying pressure. Expect retracement to test the new support level at 70.00. Respect would confirm a fresh advance.
Reminder
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
Above all, we must realize that no arsenal, or no weapon in the arsenals of the world, is so formidable as the will and moral courage of free men and women. It is a weapon our adversaries in today's world do not have.
~ Ronald Reagan (1911-2004)
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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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