Recent Breakouts
Our recent breakout scan returned a few promising stocks in Australia, Canada and the USA but none in the UK. We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Australia
Cleanaway Waste Management Ltd (CWY) – LT up-trend. Expect retracement to test the new support level at 3.20. Respect would signal another advance.
Canada
Sokoman Minerals Corp (SIC) – Testing the new support level between 0.38 and 0.40. Rising Trend Index troughs indicate increased interest from buyers. Respect of support would confirm a new up-trend.
USA
Kimco Realty Corp (KIM) – Strong breakout in LT up-trend. Trend Index holding above zero indicates LT buying pressure. Expect retracement to test the new support level at 25; respect would confirm a fresh advance.
Boston Scientific Corp (BSX) – Breakout above 45. Trend Index troughs at zero indicate buying pressure. Expect retracement to test the new support level. Respect would signal a fresh advance.
Parke Bancorp (PKBK) – LT up-trend with breakout above 24.50. Trend Index holding above zero indicates LT buying pressure. Follow-through above 25 signals a fresh advance.
Ulta Beauty Inc (ULTA) – Breakout above 420. Rising Trend Index troughs indicate buying pressure. Retracement respecting the new support level at 420 would confirm a fresh advance.
Verint Systems Inc (VRNT) – Beakout above 54 completes a cup-and-handle pattern, signaling a fresh advance. Trend Index troughs at zero indicate buying pressure.
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 two ways to be fooled. One is to believe what isn't true; the other is to refuse to accept what is true.
~ Soren Kierkegaard
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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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