Some breakout/potential breakout charts:
Breakouts:
NUH - Following up from my chart from last week this one had a great run following its breakout. However that last bar looks a bit climatic, way too much volume from such a small spread and weak close surely there is supply in that so its a technical sign to take some off the table might consolidate from here before another move. Regardless the FA is still strong on this stock.
LPE - Mentioned this so many times here I started feeling like a huge ramper but it finally moved and im glad to move it into my "successful breakouts" folder. Tested its breakout zone and rejected it which it good sign. Seems to be alot of profit taking, weak close however the volume is also lower so wouldnt classify it as "climatic" or a "dump" yet. Should continue its move next week.
So ones to watch for breakout this week: In order of how confident I am for a breakout
1. BGS - Looks like the no supply I posted last week was followed with two very aggressive shakeouts(really unexpected) but buying entered today. As long as it is within the triangle and continues coiling like NUH I'm happy and it should breakout quite nicely like NUH did.
2. MDR - Great cup and handle, low volume handle retrace followed by volume kicking back in today got rejected from breakout, but if it has another go it should get it and I'm just waiting on breakout confirmation.
GPH - Another cup and handle which produced an upthrust on its attempt to escape and now is producing a handle on lowering volume. Comparing with MDR above todays low volume candle for GPH(yellow box) looks like MDR's volume yesterday - end of the handle and ready to attack the breakout again. Looks like a low volume successful supply test. Now to break 12c and we're off.
SRT - Last but not least like LPE i posted last week here is the SRT weekly, lowest ever volume posted since relisting from RSL to SRT. Looks like a genuine no supply on pennant support. Now can it make a move up? This and LPE have tested my patience waiting for a breakout. But I'm sure SRT will deliver in due time.
Other:
In response to
@GenYtrader2000, sorry I havent responded you were posting on a thread that was closed by Free so I chose not to reply. Hence we can speak here. I will post links to the books you requested this weekend (most likely Sunday as I have quite a few events tomorrow).
Weekend topic - Just going to put it out there, my prediction if Donald Trump gets voted we are going to have WW3 and a GFC.
Happy weekend all.
