Breakouts

As I ran through my watchlist I found a ginormous amount of symmetrical triangles. Since I can't release the official price pattern list until tomorrow morning, I will release a few pattern breakouts that are heating up this morning. As always, I would suggest waiting towards the close to place any trades on breakouts. This will confirm price has sustained it's breakout point and adequate volume has accumulated.

AMED- H&S Breakdown. Right now breaking a nice ascending neckline.

WTR- Symmetrical Triangle Breakdown. Getting real close to breaking support this morning.

DNR- Descending Triangle Breakdown. At the moment it is below support at $27.

EAT- Symmetrical Triangle Breakdown. Good Follow through today.

BEN- H&S breakdown. Well below it's ascending neckline today. Strong volume thus far.

BER- H&S Breakdown. Broke it's $34.5 neckline today.

GVA- H& S Breakdown. Broke the $50 neckline this morning.

PFCB- Symmetrical Triangle Breakdown. Broke it's apex today.

Add to this list as you see fit. Hopefully this gives a few things to watch on such a down day. Stick around, I will be back.

Jeff,

what about the lack of a real prior trend in WTR?

Brett,

You don't see any trend? None? I am surprised.

It looks sideways since May. MAYBE a little uptrend since October. Do you see something different?

WTR was also listed by Forbes as one of the most over priced stocks a couple of months ago. Top 100? most over-priced stocks. Or maybe it was 500. Anyway just a side note. Doesn't really have anything to do with the technical analysis.

DOW now down 150 points. Wow!

As always thanks for the comments and the Blog.

B

What in the world happened with GOOG?!

I understand that Barron's had a negative article on GOOG's valuation in the issue out this past weekend.

Rick,

you may be right but the Dow and S&P broke some MAJOR trendlines today.

Plus the breadth was ridiculous (over 4-1) for a simple correction. I'm very concerned about this action today.

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  • From Saratoga Springs, Utah, United States
  • I am a professional trader and an instructor for Investools. I've had relations with the markets for 9 years. Born in Concord, CA, but reside in Saratoga Springs, Utah. Father of THREE, Husband of one.
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