There is a simple pattern for a reversal of a downward trend. Break of the trend line, form a rising bottom, break from a rising bottom. This week, I did Market Scans in search of stocks showing this pattern on the 3 year weekly charts. Here are three that have decent patterns for long term downward trend line reversals.
1. FCX
FCX is a commodity name that has suffered over the past few years but is finely showing signs of reversing the downward trend. In the past few weeks, it has been able to break higher from a rising bottom and get through the downward trend line. Support at $8.75.
2. T.BNE
T.BNE is a standout among the Canadian Energy stocks with a good reversal pattern that showed a strong break from a mini cup and handle pattern on the weekly after breaking the downward trend line in February. Support at $20.75.
3. T.TCK.B
T.TCK.B broke its downward trend line late in February and then trended sideways until last week when it was able to break higher from that sideways pattern. Support at $10.25.
Read Tyler’s full Weekly Commentary titled: Stop the FOMO
References
- Get the Stockscore on any of over 20,000 North American stocks.
- Background on the theories used by Stockscores.
- Strategies that can help you find new opportunities.
- Scan the market using extensive filter criteria.
- Build a portfolio of stocks and view a slide show of their charts.
- See which sectors are leading the market, and their components.
Disclaimer
This is not an investment advisory, and should not be used to make investment decisions. Information in Stockscores Perspectives is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The writers and editors of Perspectives may have positions in the stocks discussed above and may trade in the stocks mentioned. Don’t consider buying or selling any stock without conducting your own due diligence.
