Recent Breakouts
Our recent breakout scan returned a few promising stocks in the USA, Canada and Australia but none in the UK.
We look for shallow corrections and Trend Index troughs above zero which indicate healthy buying pressure.
Australia
Chorus Ltd (CNU) – Threatens breakout above 7.00 which would signal a fresh advance. Trend Index troughs at zero indicate buying pressure.
Perseus Mining Ltd (PRU) – Recovery from a deep trough. Rising Trend Index with a recent trough at zero indicates buying pressure. Expect retracement to test the new support level of 1.80; respect would confirm a fresh advance.
Canada
Pembina Pipeline Corp (PPL) – Shows a healthy up-trend. Trend Index troughs above zero indicate LT buying pressure. Breakout above 43.00 would signal a fresh advance.
USA
Dril-Quip Inc (DRQ) – Breakout above 27.00 completed an inverted head-and-shoulder reversal. Trend Index trough at zero indicates buying pressure. Expect retracement to test the new support level at 27.00; respect would confirm a fresh advance.
Solaris Oilfield Infrastructure Inc Class A (SOI) – Breakout above 9.00 is a bullish sign. Rising Trend Index indicates buying pressure. Expect retracement to test the new support level at 8.50/9.00; respect would confirm 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
It must be thoroughly understood that war is a necessity,
and that the more readily we accept it,
the less will be the ardor of our opponents.~ Thucydides (circa 400 BC)
Recent updates for Market Analysis Subscribers
Read the latest Market Analysis
War in Europe
Global markets rally
Gold breakout above $1900
Putin declares war on Europe
If you are not a Market Analysis subscriber, please take advantage of our $1 special.
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.
Everything contained in this web site, related newsletters, training videos and training courses (collectively referred to as the "Material") has been written for the purpose of teaching analysis, trading and investment techniques. The Material neither purports to be, nor is it intended to be, advice to trade or to invest in any financial instrument, or class of financial instruments, or to use any particular methods of trading or investing.
Advice in the Material is provided for the general information of readers and viewers (collectively referred to as "Readers") and does not have regard to any particular person's investment objectives, financial situation or needs. Accordingly, no Reader should act on the basis of any information in the Material without properly considering its applicability to their financial circumstances. If not properly qualified to do this for themselves, Readers should seek professional advice.
Investing and trading involves risk of loss. Past results are not necessarily indicative of future results.
You, the Reader, need to conduct your own research and decide whether to invest or trade. The decision is yours alone. We expressly disavow all and any liability to any person, with respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance upon the whole or any part of the Material.
Read the Financial Services Guide.