Breakoutwatch Weekly Summary 10/24/20
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|NASDAQ Continues in Cup and Handle
The NASDAQ Composite is moving sideways in a shallow handle. Maximum droop from pivot to handle low was 5% and for the week the index lost 1.1%. A late rally on Friday did give a hint that the index may have started to ascend the right side of the handle, but volume was well below average showing only weak support for the move.
Continued failure to reach agreement on a stimulus bill means that we are unlikely to see the economy get a boost before the election. So unless there is a sudden breakthrough, or some other exogenous surprise, the markets will have little reason to change from the sideways trend.
Breakouts were limited in number and performance but the average for CWH breakouts shown in the table below is considerably reduce by a major selloff by CYBE on Friday which lost 32%. If CYBE is excluded from the average, then CWH stocks gained 3.9%, on average.
There were 2 High Tight Flag breakouts. HTF breakouts are rare but we have seen an increasing number over the last weeks due to the V-shaped recovery in some stocks. Gamestop (GME) and The Container Store (TCS) are clearly the beneficiary of the Covid shelter at home phenomenon and increased online purchasing.
ChemoCentryx, Inc. [CCXI] is on our Cup and Handle watchlist and
is showing excellent handle progression with two strong up days
on above average volume since the handle low on Wednesday
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.|
|KIRK||13.36||3,494,224||Kirkland's - Inc.||Specialty Retail||99||11.80|
|PRTS||13.70||2,666,144||CarParts.com - Inc.||Internet Retail||99||13.31|
|ISEE||6.61||1,389,472||IVERIC bio - Inc.||Biotechnology||97||6.00|
|FUV||7.52||1,275,246||Arcimoto - Inc.||Recreational Vehicles||96||6.21|
|ICLK||8.64||2,045,166||iClick Interactive Asia Group Limited||Advertising Agencies||95||8.51|
|PSTI||11.60||516,622||Pluristem Therapeutics - Inc.||Biotechnology||93||9.87|
|GPRE||17.38||672,456||Green Plains - Inc.||Specialty Chemicals||93||16.16|
|ECOM||18.75||639,750||ChannelAdvisor Corporation||Software - Application||92||18.08|
|BLDP||19.21||6,536,650||Ballard Power Systems - Inc.||Specialty Industrial Machinery||91||16.00|
|IDT||11.86||547,362||IDT Corporation Class B||Telecom Services||91||10.44|
|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|
|Home Improvement Retail
|Charts of each industry rank and performance over 12 months are available on the site|
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