Breakoutwatch Weekly Summary 09/15/18
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| New Features this Week
| Top Cup and Handle Chart Pattern Stocks
| Best Performing Index
Best Performing Industry
Most Improved Industry
|DISCA Breakout Epitomizes Desirable
Cup and Handle Pattern Behavior
The NASDAQ shrugged off last weeks losses and moved ahead with a 1.4% gain, the highest of the three major indexes. The index has gained 16.4% year-to-date and given the strong economic climate despite trade uncertainty, looks likely to continue the upward trend. Both the CPI and PPI numbers released this week showed inflation is in check and the Fed is determined that it remain so. They are almost certain to raise interest rates a further 1/4% at the September 24-25 FOMC meeting.
The week delivered 11 breakouts with DISCA providing the best return of 10.9% by Friday's close. A study of the DISCA chart shows classic behavior in the handle after the pivot was set. As some profit taking caused the price to fall, so did volume levels until buyers stepped in and volume levels rose culminating in a strong breakout on more than twice the average daily volume.
The desirable behavior in the handle, and indeed throughout the pattern's formation is described in Anatomy of a Cup and Handle Pattern
No new features this week.
Our latest strategy suggestions are here.
|Brkout Date||Symbol||Base||Squeeze||BrkoutOut Price||Brkout Day Close||RS Rank*||Last Close||Current % off BOP||Gain at Intraday High|
|*RS Rank on day before breakout.|
|BXC||41.32||324,126||Bluelinx Holdings Inc. Common Stock||Building Materials Wholesale||98||38.80|
|These stocks meet our suggested screening factors
for our Cup and Handle Chart Pattern watchlist.
See Revised Rules for Trading Cup and Handle Breakouts
|Index||Value||Change Week||Change YTD||Trend1|
1The Market Trend is derived from our proprietary market model. The market model is described on the site here.
2The site also shows industry rankings based on fundamentals, combined technical and fundamentals, and on price alone. The site also shows daily industry movements.
|1 Week||13 Weeks||26 Weeks||Year-to-Date|
|1 Week||3 Weeks||13 Weeks||26 Weeks|
|Basic Materials Wholesale
||Internet Service Providers
||Auto Parts Stores
||Home Health Care
|Auto Parts Wholesale
|Toy & Hobby Stores
|REIT - Healthcare Facilities
|Charts of each industry rank and performance over 12 months are available on the site|
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