Recent Breakouts
Our recent breakout scan returned a some promising stocks in the USA and Australia but none in the UK or Canada. We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Australia
Incitec Pivot Ltd (IPL) – Recovered from its recent trough and shows an accelerating up-trend. Weak Trend Index. Expect retracement to test 3.50; respect would confirm an advance.
USA
Markel Corp (MKL) – Recovery from recent trough and Trend Index troughs at zero indicate strong LT buying pressure. Follow-through above 1,350 would signal a fresh advance.
More breakout charts below
Cleveland-Cliffs Inc (CLF) – Recovering Trend Index suggests increased buyer interest. Retracing to test 25.00; respect would confirm.
Quanta Services (PWR) – Weak Trend Index and recent deep trough suggest fading buyer interest. Retracement that respects 120.00 would confirm a fresh advance.
Target Hospitality Corp (TH) – Recovery from this deep trough is driven by the earnings announcement on 10-Mar-2022. Trend Index also recovered above zero signaling increasing buyer interest. Retracement that respects the new support line at 5.00 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
There are decades where nothing happens;
and there are weeks where decades happen.~ Vladimir Lenin (1870-1924)
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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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