NYSE:CSTM has formed a 4 month descending triangle pattern with a clear horizontal support boundary @ $7.25. The stock has tested that level 4 times during the chart pattern formation. A daily decisive close below $7.25 will confirm the chart pattern breakdown and set the stage for lower prices. Chart pattern price target is around $4.50 but $5 round number...
Posted about this potential ascending triangle breakout step over the weekend. The stock broke out in today's session closing well above chart pattern boundary resistance. I have added price targets to the chart. here is the setup from the weekend
1) Massive volume yesterday and heavy volume so far today 2) day not over yet but probably closes above 5 month rectangle resistance (blue line on chart) 3) Also breaking above weekly down trend line (red line on chart) 4) $6 price level tested 6 times looks like a good long trade setting up. A bit volatile stock with wide moves. Size your shares appropriately.
The handle part of the pattern is taking on the shape of 2 month rectangle pattern with $12.50 acting as boundary resistance. Chart patterns that accomplishes 3 things when they breakout are ones that have the most chance succeeding. When the breakout takes place (daily close above $12.50), SSP will: 1) Close above its cup and handle chart pattern (blue line on...
Kohl's been trading in a well defined range for the last 4 months with $18.75 area acting as support that has been tested 4 times. The stock failed to put a meaningful bounce along with a strong market today. The lack of buying interest close to these levels could indicate the stock is ready to breakdown and start heading lower again. Sell short a clear daily...
Looks ready to breakout from its 3 months ascending triangle chart pattern.
NYSE:MLM is another stock showing relative strength and could be setting a breakout to higher prices in the coming days. A clear daily close above $230 resistance that has been tested multiple times in recent weeks will set the stage for the next leg higher.
With the market selling off the last 3 weeks, NYSE:NWHM been showing relative strength trading sideways to up. The stock has formed an ascending triangle chart pattern with upper boundary around $4.85 acting as resistance. The stock spent the last 4 sessions trading just under that level. The stock is also breaking a long weekly down trendline (red line on...
The right shoulder taking on the form of 1 month rectangle consolidation pattern. A daily close above rectangle resistance upper boundary would set the stage for a rally to test head and shoulders neckline (blue line). A daily close above the neckline will confirm the 6 month head and shoulder bottom and set the stage for a run to higher grounds.
NASDAQ:BYND been working on a 4 month rounded formation that is bringing the stock back to the $164 level. Volume pattern is showing aggressive accumulation during this period increasing the probably of a breakout soon without this pattern transforming into a cup and handle pattern (pull back before a breakout takes place). A strong daily close above $164...
$EURAUD been moving in a trading range for the last 4 months forming a well defined ascending triangle chart patter. The pattern upper horizontal boundary has been tested numerous times during that period. A clear daily close above that level will trigger a long breakout entry.
HCAT has been consolidating it rally from Covid19 bottom forming a 3 months continuation head and shoulder pattern. $37 price level has been acting as strong resistance and was tested multiple time in the last few weeks. A strong daily close above that level will confirm the pattern and the breakout, potentially starting the next leg higher. A good opportunity...
Up 10% today in the face of a market that's been selling off. Watch the weekly down trending line (red on the chart) if a breakout takes place. Could see some selling in that area but that's 20%+ from breakout boundary.
The failed breakout over Feb highs is still a warning sign but the pullback so far has been taking the shape of a flag pullback. A breakout from that flag could get us back to testing 3,400 level. A close back above that critical level would set the stage to a run back to ATHs set on september 2nd.
Another stock showing relative strength that will most likely head higher if the market firms up at these levels. $12 has acted a strong resistance and tested multiple times in the last 5 months. A clear daily close above that level will confirm the pattern and triggers a long entry breakout trade.
Impressive relative strength on a casino stock! Keep an eye out for breakout trade.
Strong daily bar close above $65 will confirm the pattern breakout. Logical price target is around previous all time highs of $75.
Textbook bounce back to kiss the head and shoulders neckline. I alerted to this formation here