Written by and copyright © 2005-2018 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.

Tuesday 9/25/18. Intraday Market Direction: Dow

Since I post this the night before, check how the futures are trading before market open. Large moves can affect the opening direction.

$ $ $

I show a picture of the Dow industrials on the 5-minute scale.

The index showed a descending scallop chart pattern today.

There's not much of an upward hook on the end of the pattern, and I thought that suggested further deterioration in the index (re: it's going down). Now, I'm not so sure.

Plus, I've been wrong a lot recently, or think I have about my direction calls. So maybe the index will rise instead.

$ $ $

The following table shows where Fibonacci retrace values of the day's high-low range are plus pivot points, calculated on the Dow industrials, sorted by value. When several are near each other (small differences), the area might act as support or resistance.

-- Thomas Bulkowski

Monday 9/24/18. Market Monday: The Week Ahead

• My Prediction
• A Brief Look Back
• Options Expiration
• Swing and Position Traders: Chart Pattern Indicator
• Swing Traders: Pivot Points
• Consecutive Price Trends
• Earnings, Chart Patterns & Industries

My Prediction

This is a picture of the Dow industrials on the daily scale.

There's not much to see this week. The index has broken above the red trendline, which I arbitrarily drew along recent peaks.

The bottoms appear to be trending higher at a faster rate than the tops, at least for the majority of the time. I show that with the curved trendline.

Taken together, this looks like a rising wedge type behavior, even though the bottom of this example is curved instead of straight.

It suggests momentum is increasing. This upward trend can continue but it does favor a slowing of that momentum, meaning price will either move sideways or drop.

Unfortunately, I have no idea when that might happen. But it will happen.

A Brief Look Back

The following is a brief review of how the markets performed over time. The numbers refer to the close-to-close move in the Dow industrials.

For the Week...

Year to Date...

Options Expiration

No options expire this week.

Swing and Position Traders: Chart Pattern Indicator

As of 09/21/2018, the CPI had:

The chart pattern indicator is bullish with 2 of 3 full triangles showing (). Additional triangles are a measure of strength with solid triangles meaning a more reliable signal than half triangles.

Swing Traders: Pivot Points

The following is based on an SFO article in December 2004 by John Seekinger, titled, "Take a two-dimensional approach." He offers these tips.

• Seekinger doesn't look at the range of S2 to R2 as support and resistance levels. Rather, he considers them oversold (S) and overbought (R) areas.
• S2 to R2 range of values across daily, weekly, and monthly periods: If two values are close together then they lend more significance to the area.
• If the market trends on day 1, the odds rise tremendously that the market will be range bound between daily S1 and daily R1 the next day.
• In a quiet market when traders are waiting for an important earnings announcement or economic report, look for daily R1 and S1 levels to hold and for the market to return to the daily pivot.
• A move outside of daily R1 or S1 usually does not mean a breakout.
• The odds suggest that the entire week's price action will remain between weekly R2 and S2.
• Avoid going long when the market moves above weekly R2 (it's overbought) and avoid going short when price moves below weekly S2 (oversold).
• Consider going short at weekly R1 or long at weekly S1 with a profit objective of the weekly pivot.
• Consider going long at weekly S2 or short at weekly R2 with a profit objective of weekly S1 or R1, respectively.

Here are the formulas:

Consecutive Price Trends

How long can an index close higher (or lower) each day? The adjacent table shows how often consecutive up or down closes occur in the indices, based on the most recent trend of closes.

Low percentages suggest the market is overdue to turn (think of it as the likelihood that next week or next month will continue the trend, based on historical performance). Values of 50% mean random, so most percentages will be lower.

The analysis uses data going back 10 years for weekly percentages and 25 years for monthly percentages (or the start of data, whichever is more recent). Any unchanged closing price is interpreted as the end of the string of consecutive up or down closes.

Earnings, Chart Patterns & Industries

Earnings season is over.

Large numbers of bullish or bearish chart patterns can signal short- to intermediate-term market trends (many bullish chart patterns can mean an uptrend will continue, for example). However, please realize that the short-term price trend could have changed since the pattern was discovered (this is especially true of pipe tops or bottoms, which are weekly patterns).

The 10 types of most frequently appearing chart patterns in the stocks, indices, and long-only exchange traded funds I follow during the last month are shown in the adjacent table.

The industries I follow were the best (rank 1) and worst performing.

-- Thomas Bulkowski

Friday 9/21/18. Pattern Trading Setups for the Weekend.

You can find setups based on a Fibonacci retrace by clicking on the link.

Click the link for a list of symbols from the table.

The following patterns were found manually, so the results may differ from those found using Patternz.

There were 18 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 607 stocks searched, or 3.0%. Based on the percentage, the stock market is trending since few consolidation patterns appear.

I found 10 pipe bottom chart patterns, which is neutral. High numbers of pipe bottoms can signal a bullish move (I see many of them just before a bear market ends or during a bear market rally. Often it means the first bottom of a double bottom has formed. Thus, expect a move down to the second bottom).

Excluding ETFs, there were 17 bullish chart patterns this week and 8 bearish ones with any remaining (3) being undecided. The ratio of bullish to bearish patterns suggests the market is hinting of a coming bullish (up) turn.

In the table below, the red and green colors are based on the historical breakout direction for the associated chart pattern. If a high and tight flag appears, the start and end dates highlight the flagpole only and not the flag.

More...

-- Thomas Bulkowski

Weekly screen for chart patterns ending between 09/13/2018 and 09/20/2018. Many may be still in development. If no securities appear, then I have not identified any new patterns.

Industry: Natural Gas (Diversified)

Industry RS rank: 13 out of 58

Stock RS rank: 462 out of 600

9/20/18 close: $22.90

1 Month avg volatility: $0.48. Volatility stop (for upward breakout): $21.38 or 6.7% below the close.

Change YTD: -19.93%

Volume: 7,179,500 shares. 3 month avg: 5,196,143 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Double Bottom, Adam and Adam reversal pattern from 09/07/2018 to 09/17/2018

Breakout is upward 100% of the time.

Average rise: 35%.

Break-even failure rate: 5%.

Throwbacks occur 64% of the time.

Price hits measure rule target 66% of the time.

Industry: Cement and Aggregates

Industry RS rank: 55 out of 58

Stock RS rank: 311 out of 600

9/20/18 close: $7.16

1 Month avg volatility: $0.19. Volatility stop (for upward breakout): $6.74 or 5.9% below the close.

Change YTD: -4.91%

Volume: 4,307,800 shares. 3 month avg: 9,928,860 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Electric Utility (Central)

Industry RS rank: 17 out of 58

Stock RS rank: 335 out of 600

9/20/18 close: $28.00

1 Month avg volatility: $0.37. Volatility stop (for downward breakout): $28.79 or 2.8% above the close.

Change YTD: -1.27%

Volume: 2,195,500 shares. 3 month avg: 2,845,400 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.

 

Chart pattern: Double Top, Adam and Adam reversal pattern from 09/06/2018 to 09/14/2018

Breakout is downward 100% of the time.

Average decline: 19%.

Break-even failure rate: 8%.

Pullbacks occur 61% of the time.

Price hits measure rule target 72% of the time.

Industry: Oilfield Svcs/Equipment

Industry RS rank: 33 out of 58

Stock RS rank: 192 out of 600

9/20/18 close: $18.41

1 Month avg volatility: $0.52. Volatility stop (for upward breakout): $17.15 or 6.9% below the close.

Change YTD: -0.97%

Volume: 1,124,500 shares. 3 month avg: 2,441,012 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Wednesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: None

Industry RS rank is unavailable.

9/20/18 close: $724.76

1 Month avg volatility: $7.87. Volatility stop (for upward breakout): $699.70 or 3.5% below the close.

Change YTD: 0.19%

Volume: 56,381,800 shares. 3 month avg: 50,790,135 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Triangle, symmetrical continuation pattern from 08/01/2018 to 09/14/2018

Breakout is upward 54% of the time.

Average rise: 31%.

Break-even failure rate: 9%.

Throwbacks occur 37% of the time.

Price hits measure rule target 66% of the time.

Industry: Electric Utility (East)

Industry RS rank: 34 out of 58

Stock RS rank: 339 out of 600

9/20/18 close: $70.32

1 Month avg volatility: $0.91. Volatility stop (for upward breakout): $67.42 or 4.1% below the close.

Change YTD: -13.25%

Volume: 5,143,700 shares. 3 month avg: 2,249,422 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.

 

Chart pattern: Triangle, ascending reversal pattern from 08/03/2018 to 09/18/2018

Breakout is upward 70% of the time.

Average rise: 35%.

Break-even failure rate: 13%.

Throwbacks occur 57% of the time.

Price hits measure rule target 75% of the time.

Industry: Electric Utility (East)

Industry RS rank: 34 out of 58

Stock RS rank: 317 out of 600

9/20/18 close: $80.62

1 Month avg volatility: $1.10. Volatility stop (for downward breakout): $82.95 or 2.9% above the close.

Change YTD: -4.15%

Volume: 3,918,200 shares. 3 month avg: 2,571,354 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Head-and-shoulders top reversal pattern from 08/17/2018 to 09/18/2018

Breakout is downward 100% of the time.

Average decline: 22%.

Break-even failure rate: 4%.

Pullbacks occur 50% of the time.

Price hits measure rule target 55% of the time.

Industry: Natural Gas (Diversified)

Industry RS rank: 13 out of 58

Stock RS rank: 49 out of 600

9/20/18 close: $80.62

1 Month avg volatility: $1.98. Volatility stop (for upward breakout): $76.53 or 5.1% below the close.

Change YTD: 40.04%

Volume: 1,162,000 shares. 3 month avg: 929,683 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Oilfield Svcs/Equipment

Industry RS rank: 33 out of 58

Stock RS rank: 15 out of 600

9/20/18 close: $7.70

1 Month avg volatility: $0.28. Volatility stop (for upward breakout): $7.09 or 7.9% below the close.

Change YTD: 30.51%

Volume: 11,120,300 shares. 3 month avg: 16,303,415 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Natural Gas (Diversified)

Industry RS rank: 13 out of 58

Stock RS rank: 413 out of 600

9/20/18 close: $48.49

1 Month avg volatility: $1.15. Volatility stop (for upward breakout): $45.38 or 6.4% below the close.

Change YTD: -14.81%

Volume: 1,982,700 shares. 3 month avg: 3,960,946 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Double Bottom, Adam and Adam reversal pattern from 09/11/2018 to 09/18/2018

Breakout is upward 100% of the time.

Average rise: 35%.

Break-even failure rate: 5%.

Throwbacks occur 64% of the time.

Price hits measure rule target 66% of the time.

Industry: Chemical (Basic)

Industry RS rank: 26 out of 58

Stock RS rank: 221 out of 600

9/20/18 close: $89.55

1 Month avg volatility: $1.59. Volatility stop (for upward breakout): $85.09 or 5.0% below the close.

Change YTD: -5.40%

Volume: 1,545,900 shares. 3 month avg: 1,151,138 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Metals and Mining (Div.)

Industry RS rank: 54 out of 58

Stock RS rank: 575 out of 600

9/20/18 close: $14.39

1 Month avg volatility: $0.44. Volatility stop (for upward breakout): $13.40 or 6.9% below the close.

Change YTD: -24.10%

Volume: 21,787,600 shares. 3 month avg: 16,878,592 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Thursday, and best sell day (most up closes) is Wednesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Food Processing

Industry RS rank: 19 out of 58

Stock RS rank: 422 out of 600

9/20/18 close: $44.37

1 Month avg volatility: $0.91. Volatility stop (for downward breakout): $46.40 or 4.6% above the close.

Change YTD: -25.16%

Volume: 6,018,800 shares. 3 month avg: 4,139,065 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Triple top reversal pattern from 08/03/2018 to 09/17/2018

Breakout is downward 100% of the time.

Average decline: 19%.

Break-even failure rate: 10%.

Pullbacks occur 61% of the time.

Price hits measure rule target 40% of the time.

Industry: Advertising

Industry RS rank: 42 out of 58

Stock RS rank: 399 out of 600

9/20/18 close: $22.67

1 Month avg volatility: $0.34. Volatility stop (for upward breakout): $21.80 or 3.8% below the close.

Change YTD: 12.45%

Volume: 2,784,600 shares. 3 month avg: 6,516,800 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.

 

Chart pattern: Triangle, symmetrical continuation pattern from 06/29/2018 to 09/20/2018

Breakout is upward 54% of the time.

Average rise: 31%.

Break-even failure rate: 9%.

Throwbacks occur 37% of the time.

Price hits measure rule target 66% of the time.

Industry: Chemical (Diversified)

Industry RS rank: 36 out of 58

Stock RS rank: 446 out of 600

9/20/18 close: $3.62

1 Month avg volatility: $0.11. Volatility stop (for upward breakout): $3.30 or 8.8% below the close.

Change YTD: -23.95%

Volume: 794,300 shares. 3 month avg: 1,190,495 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Triple bottom reversal pattern from 08/23/2018 to 09/14/2018

WARNING: A dead-cat bounce occurred on 08/02/2018. There is a 26% chance that a 15% or higher decline will occur (or has occurred since then) by 11/01/2018 and a 38% chance by 01/31/2019.

Breakout is upward 100% of the time.

Average rise: 37%.

Break-even failure rate: 4%.

Throwbacks occur 64% of the time.

Price hits measure rule target 64% of the time.

Industry: Homebuilding

Industry RS rank: 57 out of 58

Stock RS rank: 539 out of 600

9/20/18 close: $50.72

1 Month avg volatility: $1.10. Volatility stop (for upward breakout): $48.15 or 5.1% below the close.

Change YTD: -19.80%

Volume: 4,529,800 shares. 3 month avg: 3,465,638 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Wednesday.

 

Chart pattern: Triangle, symmetrical continuation pattern from 08/09/2018 to 09/20/2018

Breakout is upward 54% of the time.

Average rise: 31%.

Break-even failure rate: 9%.

Throwbacks occur 37% of the time.

Price hits measure rule target 66% of the time.

Industry: Retail Store

Industry RS rank: 10 out of 58

Stock RS rank: 120 out of 600

9/20/18 close: $35.18

1 Month avg volatility: $0.99. Volatility stop (for downward breakout): $37.61 or 6.9% above the close.

Change YTD: 39.66%

Volume: 6,660,800 shares. 3 month avg: 14,056,392 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Friday.

 

Chart pattern: Triangle, descending reversal pattern from 08/16/2018 to 09/19/2018

Breakout is downward 64% of the time.

Average decline: 16%.

Break-even failure rate: 16%.

Pullbacks occur 54% of the time.

Price hits measure rule target 54% of the time.

Industry: Building Materials

WARNING: This industry is within the top 7 that Dead-cat bounce often.

Industry RS rank: 38 out of 58

Stock RS rank: 471 out of 600

9/20/18 close: $38.61

1 Month avg volatility: $0.61. Volatility stop (for downward breakout): $40.37 or 4.6% above the close.

Change YTD: -12.13%

Volume: 1,913,400 shares. 3 month avg: 2,351,771 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Triangle, descending reversal pattern from 07/25/2018 to 09/20/2018

Breakout is downward 64% of the time.

Average decline: 16%.

Break-even failure rate: 16%.

Pullbacks occur 54% of the time.

Price hits measure rule target 54% of the time.

Industry: Petroleum (Integrated)

Industry RS rank: 6 out of 58

Stock RS rank: 101 out of 600

9/20/18 close: $31.79

1 Month avg volatility: $0.71. Volatility stop (for upward breakout): $30.28 or 4.8% below the close.

Change YTD: 0.03%

Volume: 697,400 shares. 3 month avg: 2,218,335 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Oilfield Svcs/Equipment

Industry RS rank: 33 out of 58

Stock RS rank: 16 out of 600

9/20/18 close: $6.51

1 Month avg volatility: $0.23. Volatility stop (for upward breakout): $5.88 or 9.8% below the close.

Change YTD: 46.29%

Volume: 6,964,100 shares. 3 month avg: 7,535,162 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Retail Building Supply

Industry RS rank: 27 out of 58

Stock RS rank: 428 out of 600

9/20/18 close: $64.00

1 Month avg volatility: $1.87. Volatility stop (for downward breakout): $68.09 or 6.4% above the close.

Change YTD: -7.85%

Volume: 272,200 shares. 3 month avg: 94,083 shares.

This security may be thinly traded (less than 100k shares)!

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Broadening top reversal pattern from 08/27/2018 to 09/20/2018

Breakout is downward 50% of the time.

Average decline: 15%.

Break-even failure rate: 18%.

Pullbacks occur 48% of the time.

Price hits measure rule target 37% of the time.

Industry: Diversified Co.

Industry RS rank: 37 out of 58

Stock RS rank: 240 out of 600

9/20/18 close: $12.40

1 Month avg volatility: $0.25. Volatility stop (for upward breakout): $11.73 or 5.4% below the close.

Change YTD: -3.13%

Volume: 61,600 shares. 3 month avg: 140,617 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Triangle, ascending reversal pattern from 08/09/2018 to 09/20/2018

Breakout is upward 70% of the time.

Average rise: 35%.

Break-even failure rate: 13%.

Throwbacks occur 57% of the time.

Price hits measure rule target 75% of the time.

Industry: Apparel

Industry RS rank: 23 out of 58

Stock RS rank: 106 out of 600

9/20/18 close: $136.12

1 Month avg volatility: $2.82. Volatility stop (for upward breakout): $129.52 or 4.9% below the close.

Change YTD: 31.28%

Volume: 767,900 shares. 3 month avg: 1,365,482 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Wednesday, and best sell day (most up closes) is Friday.

 

Chart pattern: Triangle, symmetrical continuation pattern from 07/31/2018 to 09/19/2018

Breakout is upward 54% of the time.

Average rise: 31%.

Break-even failure rate: 9%.

Throwbacks occur 37% of the time.

Price hits measure rule target 66% of the time.

Industry: Insurance (Prop/Casualty)

Industry RS rank: 49 out of 58

Stock RS rank: 329 out of 600

9/20/18 close: $64.30

1 Month avg volatility: $0.97. Volatility stop (for downward breakout): $66.29 or 3.1% above the close.

Change YTD: 9.54%

Volume: 129,100 shares. 3 month avg: 158,554 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Thursday.

 

Chart pattern: Broadening top reversal pattern from 08/22/2018 to 09/14/2018

Breakout is downward 50% of the time.

Average decline: 15%.

Break-even failure rate: 18%.

Pullbacks occur 48% of the time.

Price hits measure rule target 37% of the time.

Industry: Computer Software and Svcs

Industry RS rank: 14 out of 58

Stock RS rank: 180 out of 600

9/20/18 close: $99.78

1 Month avg volatility: $1.37. Volatility stop (for downward breakout): $102.74 or 3.0% above the close.

Change YTD: 17.06%

Volume: 1,237,000 shares. 3 month avg: 998,728 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Wednesday.

 

Chart pattern: Double Top, Eve and Eve reversal pattern from 08/27/2018 to 09/14/2018

Breakout is downward 100% of the time.

Average decline: 18%.

Break-even failure rate: 11%.

Pullbacks occur 59% of the time.

Price hits measure rule target 73% of the time.

Industry: Drug

WARNING: This industry is within the top 7 that Dead-cat bounce often.

Industry RS rank: 22 out of 58

Stock RS rank: 45 out of 600

9/20/18 close: $24.83

1 Month avg volatility: $0.77. Volatility stop (for upward breakout): $22.98 or 7.4% below the close.

Change YTD: 30.82%

Volume: 9,168,500 shares. 3 month avg: 26,334,894 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Wednesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Oilfield Svcs/Equipment

Industry RS rank: 33 out of 58

Stock RS rank: 78 out of 600

9/20/18 close: $12.63

1 Month avg volatility: $0.37. Volatility stop (for upward breakout): $11.85 or 6.2% below the close.

Change YTD: 17.49%

Volume: 20,765,600 shares. 3 month avg: 13,612,100 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Pipe bottom reversal pattern from 09/04/2018 to 09/10/2018

Breakout is upward 100% of the time.

Average rise: 45%.

Break-even failure rate: 5%.

Throwbacks occur 44% of the time.

Price hits measure rule target 83% of the time.

Industry: Petroleum (Integrated)

Industry RS rank: 6 out of 58

Stock RS rank: 175 out of 600

9/20/18 close: $110.48

1 Month avg volatility: $2.46. Volatility stop (for downward breakout): $116.55 or 5.5% above the close.

Change YTD: 20.20%

Volume: 3,110,000 shares. 3 month avg: 3,584,486 shares.

Since 2009 bear market, the best buy day (fewest up closes) is Monday, and best sell day (most up closes) is Tuesday.

 

Chart pattern: Head-and-shoulders top reversal pattern from 07/31/2018 to 09/14/2018

Breakout is downward 100% of the time.

Average decline: 22%.

Break-even failure rate: 4%.

Pullbacks occur 50% of the time.

Price hits measure rule target 55% of the time.

Written by and copyright © 2005-2018 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.