Breakoutwatch Weekly Summary 10/17/20
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|NASDAQ Forms Cup and Handle as
The NASDAQ gapped up on Monday to set the high point for the week, but was in consolidation mode for the rest of the week as several disappointments weighed on the markets:
News on Friday that September retail sales rose unexpectedly lifted markets for most of the day but the NASDAQ still closed for a loss. The NASDAQ chart shows a cup and handle pattern has formed but the handle price and volume performance does not indicate a breakout is imminent.
Declining volume failed to provide the momentum needed for successful breakouts this week with just one (GTLS)from a cup and handle pattern. Above average volume on Wednesday before Thursday's breakout was an indication that a strong breakout could be imminent.
|With the NASDAQ
showing a cup and handle pattern, it is perhaps logical to look
at stocks in this pattern for potential future breakouts. Of
those on Friday's list I've chosen BioNTech SE [BNTX] as having
the best right cup performance and handle potential.
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.|
|GRWG||19.34||10,316,637||GrowGeneration Corp.||Home Improvement Retail||98||17.39|
|BLNK||11.55||9,531,459||Blink Charging Co.||Specialty Retail||98||9.77|
|BCLI||17.95||633,723||Brainstorm Cell Therapeutics Inc.||Biotechnology||96||13.86|
|SOGO||8.94||2,063,595||Sogou Inc.||Internet Content & Information||94||8.88|
|BLDP||19.21||6,731,370||Ballard Power Systems - Inc.||Specialty Industrial Machinery||92||17.89|
|IDT||11.86||540,046||IDT Corporation Class B||Telecom Services||91||10.81|
|MAG||18.99||866,979||MAG Silver Corporation Or||Silver||88||17.65|
|TAST||7.57||620,648||Carrols Restaurant Group - Inc.||Restaurants||86||6.69|
|PRVB||15.49||894,501||Provention Bio - Inc.||Biotechnology||83||13.76|
|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|
|Electrical Equipment & Parts
|Electrical Equipment & Parts
|Charts of each industry rank and performance over 12 months are available on the site|
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