Breakoutwatch Weekly Summary 04/04/20
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|Market Bottom Not Confirmed
For a summary of the week's confusing market action I suggest reading Briefing.com's Weekly Wrap.
The question we need answering before being comfortable about opening new long positions is; was March 23 a market bottom? On March 24, the market closed higher on higher volume but there has not been a similar day since. O'Neil's test for a market bottom is that there should be a follow through day between the 4th and 7th day, so his criterion has not been met.
Equally, my own Trend Reversal Signal algorithm has not shown a reversal.
|While opening new
long positions may be risky, I selected Bio-Rad
(BIO) from the Volatility Squeeze watchlist as a possible
breakout candidate for Monday, April 6. Note the very strong
upward move on Friday. See Bio-Rad's
ddPCR System Detects Coronavirus More Accurately.
No new features this week
Our latest strategy suggestions are here.
While most stocks are in decline, there are some that are setting new highs. You can find these under the Watchlists menu.
|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.|
|No stocks met 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|
|Charts of each industry rank and performance over 12 months are available on the site|
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