Breakoutwatch Weekly Summary 10/26/19
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|Cup and Handle Breakouts Average
9.4% for Week
This week produced some of the strongest breakout performances for some time as generally positive earnings reports sent all three major indexes higher. I'll look at the stronger performers in more detail below.
The NASDAQ Composite on Friday closed just above the previous resistance level as shown by the horizontal line on the chart. the NASDAQ was the best performer of the week with a gain of 1.9%. The NASDAQ is now just 1% below its all time high set July 26.
Best Performing Breakouts
The best performing breakout was MKSI from a cup and handle pattern which closed 13.2% above its breakout price. However, the stock gapped up by 7% at the open and was 8% above BoP by the time we issued an alert. There was no indication in the chart the day before breakout that such a strong breakout could be expected.
Contrast that with the next highest performer, PDFS. PDFS had very high volumes in the days before breakout indicating that buyers were flooding into the stock, and we issued an alert when the stock was just 1% above its breakout price. Volume prior to breakout can be an indicator of a strong breakout to come.
No new features this week
Our latest strategy suggestions are here.
|Brkout Date||Symbol||Base||Squeeze||Brkout Price||Brkout Day Close||RS Rank*||Last Close||Current % off BOP||Gain at Intraday High|
|*RS Rank on day before breakout.|
|CORT||15.03||977,442||Corcept Therapeutics Incorporated||Biotechnology||90||14.48|
|ZNGA||6.35||26,681,756||Zynga Inc.||Electronic Gaming & Multimedia||88||6.16|
|PSDO||16.96||1,555,392||Presidio - Inc.||Information Technology Services||86||16.72|
|SONO||15.41||2,265,870||Sonos - Inc.||Consumer Electronics||83||12.81|
|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|
|Regional - Northeast Banks
|Charts of each industry rank and performance over 12 months are available on the site|
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