Recent Breakouts
Our recent breakout scan returned some promising stocks in the USA, Canada and the UK but none in Australia. We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Canada
Advantage Oil & Gas Ltd (AAV) – Strong up-trend. Recovery from the recent deep trough with a breakout above 8.30, while Trend Index respect of zero indicates long-term buying pressure.
Equinox Gold Corp (EQX) – Breakout above resistance at 11 would signal reversal to an up-trend.
UK
Ultra Electronics Holdings Plc (ULE) – Broke resistance at 3,300. Trend Index respect of zero indicates buying pressure. Follow-through above 3,400 would signal a fresh advance.
USA
California Resources Corp (CRC) – LT up-trend. Strong breakout from bullish narrow trading range. Trend Index troughs above zero indicate long-term buying pressure. Expect retracement to test the new support level at 45; respect would confirm another advance.
Outfront Media Inc (OUT) – LT up-trend. Recovery from a deep trough with a breakout above 28.50. Follow-through above 29 would confirm a fresh advance.
Pro-Assurance Corp (PRA) – Breakout above 26 completes an ascending triangle. The Trend Index trough at zero indicates buying pressure. Expect retracement to test the new support level; 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
I don't play the game by a particular set of rules;
I look for changes in the rules of the game.~ George Soros
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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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