In this trading strategy video (below), we similarly show you a speedy and efficient way of how to scan for the best stock and ETF breakout setups (stocks and ETFs with relative strength that are poised to «break out» above
a base of price consolidation).
In mid-February, $ TAN attempted to break out above a five - week
base of price consolidation (point «A»).
If the 5 - year uptrend line is broken, the next major support level would be found around $ 70, which is the last big
base of price consolidation.
A deeper retracement down to the 20 - day EMAs would be a less bullish scenario that could indicate the market may need more time (at least two to five weeks) to form a healthy
base of price consolidation.
Specifically, we use the free MTG Stock Screener to instantly narrow down thousands of stocks on the Nasdaq to just nine stocks trading below $ 16 per share, each poised for a momentum - driven breakout above a solid
base of price consolidation.
We expect bullish momentum to carry gold ETFs substantially higher, both in the short term and intermediate - term, but we plan to sell DGP into strength before the first correction occurs, then look to re-enter after it forms a bull flag or
a base of price consolidation.
Not exact matches
The best and most reliable stock breakouts are usually preceded by a tightening
of price action for at least several days before breaking out
of their
bases of consolidation, and the
price action
of $ BITA fit the bill.
However, if / when it forms a proper
base of consolidation from here, we can begin to look for a low - risk buy point (at which time we would notify Wagner Daily, subscribers
of our exact entry, stop, and target
prices).
Although both DIA and SPY are testing resistance
of their prior «swing highs» from September, such action alone would not be concerning because the indexes could simply form a multi-week
base of consolidation near current
price levels, then eventually continue to new highs again.
As with $ YCS above, $ PALL was volatile and marked by wide swings in the first few months it attempted to build a
base of consolidation, but the
price action
of this palladium ETF has been contracting since July:
The current
base of consolidation will take some time to develop, but as it chops around the 10 - week moving average, the
price should eventually flatten out and begin to tick higher.
If / when it does, be on the lookout for a fresh
base of bullish
consolidation to start developing as the
price of $ SPX corrects by time.
A history
of massive earnings growth, a valid
base of consolidation, and a
price at / near the 52 - week high are three key elements
of our momentum trading strategy for finding the best stock breakouts.
But the best breakouts to new highs also have lengthy
bases of prior
price consolidation (which subsequently becomes new support after the breakout).
For bullish chart patterns, we are always looking for the
price action to tighten up within a
base of consolidation, and we are now seeing that with the
price action finding support at the 50 - MA in late December, and potentially finding support at the 20 - day EMA this week.
Although the NDRC move «is a step in the right direction,» Huang Shengchu, president
of Beijing -
based China Coal Information Institute says in this interview that government macro-control is still needed to protect the rights
of various coal stakeholdres in their contractual dealings with each other, accerlarate industry
consolidation of the many small and inefficient mines and to set up a coal
price index.
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