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Thomas Bulkowski’s successful investment activities allowed him to retire at age 36. He is an internationally known author and trader with 30+ years of stock market experience and widely regarded as a leading expert on chart patterns. He may be reached at

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Busted
Patterns
Candles Chart
Patterns
Event
Patterns
Small Patterns
Market
Industrials (^DJI):
Transports (^DJT):
Utilities (^DJU):
Nasdaq (^IXIC):
S&P500 (^GSPC):
As of 05/23/2016
17,493 -8.01 0.0%
7,638 -33.80 -0.4%
644 -6.02 -0.9%
4,766 -3.78 -0.1%
2,048 -4.28 -0.2%
YTD
0.4%
1.7%
11.5%
-4.8%
0.2%
Tom's Targets    Overview: 05/12/2016
18,400 or 17,300 by 06/01/2016
7,300 or 8,100 by 06/01/2016
625 or 665 by 06/01/2016
4,600 or 4,900 by 06/01/2016
2,120 or 2,020 by 06/01/2016

  Written by and copyright © 2005-2016 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information.

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Tuesday 5/24/16. Intraday Market Direction: Dow

The index dropped by 0.0% or -8.01 points. Since 10/01/1928 the index made 1233 similar moves on a percentage basis. After those moves, the next day's...
     Average gain was 0.6% on 656 occasions.
     Average loss was -0.7% on 577 occasions.
Expect the index to close higher 53.2% of the time.
Weekly, since inception on 6/14/2011:
     The prediction of the index closing higher has been right 115/192 or 59.9% of the time.
     The prediction of the index closing lower has been right 30/58 or 51.7% of the time.

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

Picture of the Dow industrials on the 5 minute scale.

$ $ $

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

Let us look at the possibilities shown in the chart.

The index could form a big M chart pattern. I show a potential one as the red line. The index has to close below the green line before it becomes a valid big M.

If it confirms, then look for the index to drop.

Alternatively, the index could rise. The two blue lines show overhead resistance between them, so I would expect the index to stall or reverse there.

$ $ $

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

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© 2016 ThePatternSite.com    Metric  Value  Diff  Close (within 10% of the high-low range for the day)? 
 Monthly S2  16,827.32    
 Weekly S2  17,101.87  274.55   
 Monthly S1  17,160.12  58.25   
 Weekly S1  17,297.40  137.28   
 Daily S2  17,437.24  139.84   
 Daily S1  17,465.09  27.84   
 Low  17,480.05  14.96   
 Close  17,492.93  12.88   
 61.8% Down from Intraday High  17,507.04  14.11   
 Open  17,507.04  0.00   Yes! The Open is close to the 61.8% Down from Intraday High.
 Daily Pivot  17,507.89  0.85   Yes! The Daily Pivot is close to the Open.
 50% Down from Intraday High  17,515.38  7.48   
 38.2% Down from Intraday High  17,523.71  8.34   
 Weekly Pivot  17,526.60  2.89   Yes! The Weekly Pivot is close to the 38.2% Down from Intraday High.
 Daily R1  17,535.74  9.14   
 High  17,550.70  14.96   
 Daily R2  17,578.54  27.84   
 Monthly Pivot  17,663.88  85.33   
 Weekly R1  17,722.13  58.25   
 Weekly R2  17,951.33  229.20   
 Monthly R1  17,996.68  45.35   
 Monthly R2  18,500.44  503.75   

Monday 5/23/16. Market Monday: The Week Ahead

My Prediction

Picture of the nasdaq composite on the daily scale.

I show the Nasdaq composite on the daily scale.

The horizontal line at A marks a support area. How do I know that? Because the index touched the line twice and rebounded.

That, of course, does not say anything about the index finding support there in the future. It might, but it might not.

Much to my surprise, the index has turned and appears to be headed higher as the red line rising to B shows.

This is my guess as to how the index will behave over the coming week or two. I expect it to rise, hit resistance and turn lower.

My targets (Tom's Targets) at the top of this page reflect an earlier view. I thought the index would drop. It still could, of course.

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A Brief Look Back

Picture of a flower from my garden.

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.

Monday: Down 9.79 points.
Tuesday: Down 180.73 points.
Wednesday: Down 3.36 points.
Thursday: Down 91.22 points.
Friday: Up 65.54 points.

For the Week...

The Dow industrials were down 219.56 points or 1.2%.
The Nasdaq composite was up 32.23 points or 0.7%.
The S&P 500 index was up 5.71 points or 0.3%.

Year to Date...

Dow Industrials
     3.7% down from the high of 18,167.63 on 04/20/2016.
     13.3% up from the low of 15,450.56 on 01/20/2016.
Nasdaq
     4.0% down from the high of 4,969.32 on 04/20/2016.
     13.3% up from the low of 4,209.76 on 02/11/2016.
S&P 500
     2.8% down from the high of 2,111.05 on 04/20/2016.
     13.4% up from the low of 1,810.10 on 02/11/2016.

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Economic Reports

The following information is derived from yahoo!finance and sometimes Bloomberg.com with times local to the east coast.

ReportTimeA-F
Rating
Description
New home sales10:00 TC+Shows sales of single-family homes.
Crude inventories10:30 W?My guess: Measures oil inventory.
Initial jobless claims8:30 ThC+Counts people filing for state unemployment benefits.
Durable goods orders8:30 ThBMeasures orders, shipments of goods with lifespans >3 years.
Gross domestic product8:30 FBMeasures economic activity; GDP deflator measures inflation.
Michigan sentiment10:00 FB-Consumer sentiment: Measures strength of consumer spending.

Options Expiration

No options expire this week.

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Swing and Position Traders: Chart Pattern Indicator

The chart pattern indicator is bullish with 2 of 3 half 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.

IndexS2S1PivotR1R2
Dow Industrials (^DJI): Daily  17,369  17,435  17,503  17,569  17,638 
Weekly  17,105  17,303  17,529  17,727  17,954 
Monthly  16,830  17,165  17,667  18,002  18,503 
S&P500 (^GSPC): Daily  2,034  2,043  2,051  2,060  2,067 
Weekly  2,004  2,028  2,050  2,074  2,096 
Monthly  1,978  2,015  2,063  2,100  2,148 
Nasdaq (^IXIC): Daily  4,707  4,738  4,760  4,791  4,813 
Weekly  4,634  4,702  4,746  4,814  4,859 
Monthly  4,515  4,642  4,806  4,933  5,097 
  • 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:

Pivot point: P = (H + L + C)/3
First resistance level: R1 = (2 * P) - L
First support level: S1 = (2 * P) - H)
Second resistance level: R2 = P + (R1 - S1)
Second support level: S2 = P - (R1 - S1)
H = high price , L=low price, C=closing price

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Consecutive Price Trends

Index Consecutive
Closes So Far 
% Comments 
 Dow industrials (^DJI) 4 weeks down 1.1%   Expect a reversal soon. 
 1 month down 20.0%   Expect a reversal soon. 
 S & P 500 (^GSPC) 1 week up 41.1%   Expect a random direction. 
 1 month down 20.7%   Expect a reversal soon. 
 Nasdaq composite (^IXIC) 2 weeks up 31.7%   The trend may continue. 
 2 months down 15.7%   Expect a reversal soon. 

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 either underway or should be starting soon. The sessions could be more volatile.

 Found Chart Pattern Name
18Head-and-shoulders top
18Double Top, Adam and Adam
17Triple top
15Triangle, symmetrical
14Pipe top
6Pipe bottom
6Double Top, Adam and Eve
5Double Top, Eve and Eve
5Flag, high and tight
4Rectangle top

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.

This WeekLast Week
1. Electric Utility (Central)1. Electric Utility (Central)
2. Electric Utility (West)2. Electric Utility (West)
3. Electric Utility (East)3. Electric Utility (East)
4. Cement and Aggregates4. Cement and Aggregates
5. Medical Supplies5. Medical Supplies
50. Biotechnology50. Biotechnology
51. Apparel51. Computers and Peripherals
52. Information Services52. Drug
53. Electronics53. Electronics
54. Computers and Peripherals54. Information Services
55. Homebuilding55. Securities Brokerage
56. Securities Brokerage56. Apparel
57. Retail (Special Lines)57. Retail (Special Lines)

-- Thomas Bulkowski

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Friday 5/20/16. Pattern Trading Setups for the Weekend.

Go to Table.

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 10 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 638 stocks searched, or 1.6%. Based on the percentage, the stock market is trending since few consolidation patterns appear.

I found 4 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 9 bullish chart patterns this week and 3 bearish ones with any remaining (2) 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

 

Symbol Chart Pattern Bullish
Bearish
Start End Industry
AJRDHorn top      04/25/201605/09/2016Diversified Co.
AMEDTriangle, symmetrical      04/29/201605/19/2016Medical Services
AEPDouble Top, Adam and Adam      05/05/201605/16/2016Electric Utility (Central)
AELPipe bottom      05/02/201605/09/2016Insurance (Life)
EFIIPipe bottom      05/02/201605/09/2016Computers and Peripherals
EGNPipe bottom      05/02/201605/09/2016Natural Gas (Diversified)
FFIVTriangle, ascending      03/22/201605/19/2016Internet
GSOLTriangle, symmetrical      04/07/201605/19/2016Advertising
HIGTriangle, symmetrical      04/27/201605/16/2016Insurance (Prop/Casualty)
HDBroadening top      04/04/201605/17/2016Retail Building Supply
INFNTriangle, symmetrical      05/03/201605/19/2016Telecom. Equipment
LNCPipe bottom      05/02/201605/09/2016Insurance (Life)
ROKHead-and-shoulders top      03/18/201605/17/2016Diversified Co.
TSOScallop, descending      04/28/201605/19/2016Petroleum (Integrated)

 

Weekly screen for chart patterns ending between 05/12/2016 and 05/19/2016. Many may be still in development. If no securities appear, then I have not identified any new patterns.

Definitions
RS is relative strength (where 1 is best). For other definitions, see the glossary.
’Breakout is upward/downward 100% of the time’ means price breaks out up/down by definition, not by statistically measuring the rate.
All numbers assume a bull market and are based on the breakout direction that occurs most often.
For more information, consult my book, Encyclopedia of Chart Patterns, Second Edition.
 
Aerojet Rocketdyne (AJRD)
Industry: Diversified Co.
Industry RS rank: 15 out of 56
Stock RS rank: 157 out of 630
5/19/16 close: $17.03
1 Month avg volatility: $0.54. Volatility stop (for downward breakout): $18.19 or 6.8% above the close.
Change YTD: 8.75%
Volume: 207,500 shares. 3 month avg: 248,505 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: Horn top reversal pattern from 04/25/2016 to 05/09/2016
Breakout is downward 100% of the time.
Average decline: 21%.
Break-even failure rate: 7%.
Pullbacks occur 33% of the time.
Price hits measure rule target 70% of the time.

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Amedisys Inc (AMED)
Industry: Medical Services
Industry RS rank: 23 out of 56
Stock RS rank: 27 out of 630
5/19/16 close: $51.19
1 Month avg volatility: $1.78. Volatility stop (for upward breakout): $46.61 or 8.9% below the close.
Change YTD: 30.19%
Volume: 152,600 shares. 3 month avg: 327,277 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, symmetrical continuation pattern from 04/29/2016 to 05/19/2016
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.

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American Electric Power AEP (AEP)
Industry: Electric Utility (Central)
Industry RS rank: 1 out of 56
Stock RS rank: 64 out of 630
5/19/16 close: $63.85
1 Month avg volatility: $1.19. Volatility stop (for downward breakout): $66.25 or 3.8% above the close.
Change YTD: 9.58%
Volume: 2,869,700 shares. 3 month avg: 2,849,942 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 05/05/2016 to 05/16/2016
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.

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American Equity Investment Life Holding (AEL)
Industry: Insurance (Life)
Industry RS rank: 46 out of 56
Stock RS rank: 618 out of 630
5/19/16 close: $14.91
1 Month avg volatility: $0.63. Volatility stop (for upward breakout): $13.35 or 10.5% below the close.
Change YTD: -37.95%
Volume: 725,000 shares. 3 month avg: 1,160,425 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 05/02/2016 to 05/09/2016
WARNING: A dead-cat bounce occurred on 04/06/2016. There is a 26% chance that a 15% or higher decline will occur (or has occurred since then) by 07/06/2016 and a 38% chance by 10/05/2016.
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.

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Electronics For Imaging, Inc. (EFII)
Industry: Computers and Peripherals
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 50 out of 56
Stock RS rank: 490 out of 630
5/19/16 close: $41.20
1 Month avg volatility: $1.12. Volatility stop (for upward breakout): $38.68 or 6.1% below the close.
Change YTD: -11.85%
Volume: 414,500 shares. 3 month avg: 403,805 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 05/02/2016 to 05/09/2016
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.

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Energen Corp (EGN)
Industry: Natural Gas (Diversified)
Industry RS rank: 19 out of 56
Stock RS rank: 571 out of 630
5/19/16 close: $43.31
1 Month avg volatility: $2.21. Volatility stop (for upward breakout): $38.28 or 11.6% below the close.
Change YTD: 5.66%
Volume: 1,413,200 shares. 3 month avg: 2,375,466 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 05/02/2016 to 05/09/2016
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.

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F5 Networks, Inc. (FFIV)
Industry: Internet
WARNING: This industry is within the top 7 that Dead-cat bounce often.
Industry RS rank: 34 out of 56
Stock RS rank: 267 out of 630
5/19/16 close: $104.84
1 Month avg volatility: $2.29. Volatility stop (for upward breakout): $99.16 or 5.4% below the close.
Change YTD: 8.13%
Volume: 952,300 shares. 3 month avg: 923,634 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Wednesday.
 
Chart pattern: Triangle, ascending reversal pattern from 03/22/2016 to 05/19/2016
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.

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Global Sources Ltd (GSOL)
Industry: Advertising
Industry RS rank: 11 out of 56
Stock RS rank: 307 out of 630
5/19/16 close: $8.75
1 Month avg volatility: $0.34. Volatility stop (for upward breakout): $7.81 or 10.7% below the close.
Change YTD: 12.18%
Volume: 41,800 shares. 3 month avg: 20,045 shares.
This security may be thinly traded (less than 100k shares)!
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Triangle, symmetrical continuation pattern from 04/07/2016 to 05/19/2016
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.

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Hartford Financial Services Group Inc (HIG)
Industry: Insurance (Prop/Casualty)
Industry RS rank: 21 out of 56
Stock RS rank: 348 out of 630
5/19/16 close: $44.05
1 Month avg volatility: $0.67. Volatility stop (for upward breakout): $42.37 or 3.8% below the close.
Change YTD: 1.36%
Volume: 2,201,400 shares. 3 month avg: 2,522,766 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 04/27/2016 to 05/16/2016
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.

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Home Depot, Inc (HD)
Industry: Retail Building Supply
Industry RS rank: 6 out of 56
Stock RS rank: 212 out of 630
5/19/16 close: $131.73
1 Month avg volatility: $2.04. Volatility stop (for downward breakout): $136.21 or 3.4% above the close.
Change YTD: -0.39%
Volume: 4,576,000 shares. 3 month avg: 4,820,783 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: Broadening top reversal pattern from 04/04/2016 to 05/17/2016
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.

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Infinera Corp. (INFN)
Industry: Telecom. Equipment
Industry RS rank: 42 out of 56
Stock RS rank: 615 out of 630
5/19/16 close: $12.16
1 Month avg volatility: $0.42. Volatility stop (for upward breakout): $11.14 or 8.4% below the close.
Change YTD: -32.89%
Volume: 2,248,300 shares. 3 month avg: 2,567,526 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Friday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Triangle, symmetrical continuation pattern from 05/03/2016 to 05/19/2016
WARNING: A dead-cat bounce occurred on 04/28/2016. There is a 26% chance that a 15% or higher decline will occur (or has occurred since then) by 07/28/2016 and a 38% chance by 10/27/2016.
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.

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Lincoln National Corp (LNC)
Industry: Insurance (Life)
Industry RS rank: 46 out of 56
Stock RS rank: 535 out of 630
5/19/16 close: $44.38
1 Month avg volatility: $1.15. Volatility stop (for upward breakout): $41.61 or 6.2% below the close.
Change YTD: -11.70%
Volume: 2,499,400 shares. 3 month avg: 2,586,425 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 05/02/2016 to 05/09/2016
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.

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Rockwell Automation Inc (ROK)
Industry: Diversified Co.
Industry RS rank: 15 out of 56
Stock RS rank: 214 out of 630
5/19/16 close: $110.23
1 Month avg volatility: $1.83. Volatility stop (for downward breakout): $115.03 or 4.4% above the close.
Change YTD: 7.43%
Volume: 1,087,100 shares. 3 month avg: 897,380 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 03/18/2016 to 05/17/2016
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.

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Tesoro Corporation (TSO)
Industry: Petroleum (Integrated)
Industry RS rank: 45 out of 56
Stock RS rank: 584 out of 630
5/19/16 close: $77.85
1 Month avg volatility: $2.80. Volatility stop (for downward breakout): $86.85 or 11.6% above the close.
Change YTD: -26.12%
Volume: 1,645,300 shares. 3 month avg: 2,358,765 shares.
Since 2009 bear market, the best buy day (fewest up closes) is Tuesday, and best sell day (most up closes) is Thursday.
 
Chart pattern: Scallop, descending continuation pattern from 04/28/2016 to 05/19/2016
Breakout is downward 66% of the time.
Average decline: 17%.
Break-even failure rate: 15%.
Pullbacks occur 55% of the time.
Price hits measure rule target 30% of the time.

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Written by and copyright © 2005-2016 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information.