Breakoutwatch Weekly Summary 08/08/20
You are receiving this email because you are or were a
BreakoutWatch.com subscriber, or have subscribed to our weekly
newsletter. This newsletter summarizes the breakout events of the week
and provides additional guidance that does not fit into our daily
format. It is published each weekend.
Newsletter Archive: https://www.breakoutwatch.com/content/newsletters
|Thirty One Breakouts This Week
Average 5.8% Gain
The NASDAQ Composite continued its rise with a 2.5% gain for the week and set another all-time high on Thursday before some profit taking on Friday. The NASDAQ was beaten this week by the DJI which rose 3.8% and closely followed by the S&P 500 (2.6%) indicating that the broader market is starting to believe that the economy is improving after the focus has been on tech stocks that have profited from the Covid lockdown.
The overall market condition since the March bottom has seen an increase in stocks qualifying for the High Tight Flag pattern (there are 10 on Friday's list). This week saw 7 breakouts from that pattern with an average gain of 10.2%. (see the breakout table below). The standout stock for the week was EXPI which gained 37.2%.
Something to be aware of when viewing the HTF watchlist is that some stocks will be takeover candidates. These are recognizable as showing an almost flat price pattern after qualifying for the HTF pattern.
|The HTF pattern is
normally quite rare but as noted above the recent market action
has produced a flurry of them. To qualify, a stock must gain at
least 100% in a maximum of 8 weeks.
Since HTF stocks did so well this week, lets look at the most promising candidate from Friday's HTF list.
USX ranks 3rd in the Trucking industry. Two high volume days at the end of July set up the completion of the pattern. Friday's volume was about twice the 50 day average which may be especially significant as volume as generally lower during the summer and especially on Friday's.
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.|
|INSG||15.25||6,170,644||Inseego Corp.||Communication Equipment||93||12.08|
|PSTI||12.15||874,296||Pluristem Therapeutics - Inc.||Biotechnology||93||8.97|
|VMD||11.98||680,883||Viemed Healthcare - Inc.||Medical Devices||89||10.11|
|CTSO||11.74||854,403||Cytosorbents Corporation||Medical Devices||88||9.55|
|RAD||18.64||5,628,512||Rite Aid Corporation||Pharmaceutical Retailers||86||15.05|
|AVID||9.66||759,338||Avid Technology - Inc.||Electronic Gaming & Multimedia||82||8.94|
|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|
||Financial Data & Stock Exchanges
|Furnishings, Fixtures & Appliances
|Other Precious Metals & Mining
|Charts of each industry rank and performance over 12 months are available on the site|
If you received this newsletter from a friend and you would like to receive it regularly please go to the BreakoutWatch.com site and you will then be able to register to receive the newsletter.
Copyright (c) 08/08/2020 NBIcharts, LLC dba BreakoutWatch.com. All
" BreakoutWatch," the BreakoutWatch.com "eye" logo, and the slogan "tomorrow's breakouts today" are service marks of NBIcharts LLC. All other marks are the property of their respective owners, and are used for descriptive purposes only.
BreakoutWatch is not affiliated with Investor's Business Daily or with Mr. William O'Neil. Our site, research and analysis is supported entirely by subscription and is free from advertising.