Recent Breakouts
Our recent breakout scan returned one stock in the USA but none in Canada, Australia and the UK. We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
USA
Seagen Inc (SGEN) – Rose sharply on Friday after the WSJ reported unconfirmed rumors of a possible takeover by Merck (Nasdaq.com/Reuters: Merck considering purchase of cancer drug maker Seagen). Rising Trend Index troughs indicate increased interest from buyers. Expect retracement to test the new support level at 150; 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
Bear markets have three stages – sharp down, reflexive rebound and a drawn-out fundamental downtrend.
~ Bob Farrell: 10 Rules for Investing
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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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