Recent Breakouts
Our recent breakout scan returned a number of promising stocks for review.
We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Australia
Gold Road Resources Ltd (GOR) – Breakout above 1.55 signals a fresh advance, while Trend Index indicates rising buying pressure.
Canada
Shopify Inc (SHOP) – Follow-through above 2,100 would signal a fresh advance.
UK
Auto Trader Group Plc (AUTO) – Strong breakout after this news:
(Alliance News) Auto Trader Group PLC said Thursday it delivered its highest ever six-monthly revenue and profit, with consumer engagement and retailer numbers at record levels. Auto Trader was 11% higher in London on Thursday morning at 689.80 pence each, the biggest gainer in the FTSE 100 index. (lse.co.uk, 11th Nov 2021).
Intermediate Capital Group Plc (ICP) – Shallow trough and Trend Index holding above zero indicate long-term buying pressure. Breakout above 2,300 signals a fresh advance.
USA
Arrow Electronics (ARW) – Strong trend and a shallow trough, with Trend Index troughs above zero signalling long-term buying pressure. Follow-through above 125.00 would confirm a fresh advance.
Community Bankers (ESXB) – Trend Index troughs holding above zero indicate long-term buying pressure. Breakout above 12.00 signals a fresh advance.
Sterling Bancorp (STL) – Recovery from a deep trough. Trend Index troughs above zero indicate long-term buying pressure. Follow-through above 27.00 would signal a fresh advance.
A word of caution
The above stocks are selected on the basis of technical analysis and do not consider fundamentals like sales, earnings, debt, etc. Please do your own research. They are not a recommendation to buy or sell.
Quote for the Week
Where wealth and freedom reign, contentment fails,
And honor sinks, where commerce long prevails.~ Oliver Goldsmith, The Traveller (1764)
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Colin Twiggs is director of The Patient Investor Pty Ltd, an Authorised Representative (no. 1256439) of MoneySherpa Pty Limited which holds Australian Financial Services Licence No. 451289.
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