Recent Breakouts
Our recent breakout scan returned a few promising stocks in the USA but none in Australia, Canada or the UK. We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
USA
Brown Forman Inc Class B (BF.B) – Reversal of LT down-trend with breakout above 70. Rising Trend Index troughs indicate growing interest from buyers. Expect retracement to test the new support level at 70; respect would confirm a fresh advance.
Erie Indemnity Company (ERIE) – Breakout above 190 and rising Trend Index show increased interest from buyers. Follow-through above 200 would be bullish.
Peoples Financial Services Company (PFIS) – Breakout above 54. Trend Index trough recovery above zero indicates growing buyer interest. Retracement respecting the new support level at 54 would confirm a fresh advance in a LT up-trend.
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
In times of change learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that no longer exists.
~ Eric Hoffer
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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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