Good morning, Judy. I've done some p&f work in the oil patch over the weekend and repost here FYI. Hope you've been well!
A short list of stocks that either just gave a new p&f buy signal or are about to give a buy signal. The price at which the breakout occurred will be in parenthesis. For the stocks that are nearing a p&f buy signal, the price at which a breakout would occur will be in parenthesis.
Double Top (DT) Buy signals (Double Top Break): FLC ($15), CDG ($26)
Stocks nearing DT p&f buy signals: EOG ($18 1/2), FGII ($19), SDC ($21), WFT ($29), APA (DT @ $30)
Some comments on stocks mentioned above:
FLC: Below the Bearish resistance Line (BRL - The primary downtrend line on a p&f chart) which is at $17 1/2. RS chart still in a column of O's which means that the stock is still not consistently outperforming the Dow, however, the RS chart is nearing a bullish reversal. Not there yet, though. The DT buy signal @ $15 is a bullish catapult which means that a second consecutive buy signal followed a Triple Top (TT) buy signal at $14. The bullish
price objective (po) is $26 and if the stock can take out the BRL, that po will likely be reached. A low pole buy signal at $11 foreshadowed the move toward demand outstripping supply for the stock.
SDC: BRL at $28. RS still in a column of O's but not far from reversing up. Low Pole buy signal at $14 was bullish and the stock has already had two consecutive buy signals at $16 1/2 and $19 1/2. Bullish po is $33 and the stock has room to move to the BRL.
FGII: BRL at $19 1/2 so FGII is approaching a critical juncture. FGII gave a double top buy signal at $13 and then gave a TT buy signal at $18 1/2. Immediate pullback was a Bull Trap which is a bearish pattern but the stock recovered well and didn't buckle and give a sell signal at $15 1/2. Now the stock is one box away from a buy signal that could lead to a break of the dreaded BRL from the May '98 $44 high. I can't overstate the significance
of how important that chart event is. Like the other stocks I described, FGII is nearing a reversal on it's RS chart. Bullish po is $34.
WFT: BRL at $34. TT buy signal at $26 and the stock has a bullish po of $41 1/2. Unlike the other stocks discussed in this message, WFT has already reversed up into a column of X's on it's RS chart and that is quite bullish and sets WFT apart from the other stocks. A move to $29 would be a Bullish Catapult and would propel the stock toward a test of the BRL.
Speak with you soon, Judy.
Bruce
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