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+--- Thread: US Stocks Breakouts & Breakdowns - SP500, NYSE, & Nasdaq Stock Charts (/Thread-US-Stocks-Breakouts-Breakdowns-SP500-NYSE-Nasdaq-Stock-Charts)
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$PLTR - Stage 2A breakout attempt - isatrader - 2021-09-17
With todays breakout from the six month Stage 1 base. $PLTR is potentially in early Stage 2A (the A just means early in the Stage). It has a max SATA score of 5 and daily vol was +2.79x average, but weekly vol might not meet the +2x requirement due to the Thursday breakout as it will need to trade 150million shares on Friday to meet it. So in late week breakouts I focus more on the daily volume increase than worrying about the 2x weekly requirement. So I would want to see another strong volume day on Friday to mark it as A+ quality Stage 2 BO.
Friday 17 September 2021 - isatrader - 2021-09-17
$UPWK making some further progress as it moves through the 50 day MA and is testing the +1x ATR level today.
Here's the previous more detailed post from Monday https://www.stageanalysis.net/forum/Thread-Position-Trading-Investing-US-Stocks?pid=18273#pid18273
$ECOM lower volume name for the watchlist in the software group. Approaching the top of the six month base structure and extended short term, so be interested to see how this develops on the next Backup / ST consolidation range.
$VIX is spiking again, and the S&P 500 failed to have much of a rebound this week. So caution once more.
$APPS I talked about this on the mid week video. Attempting to move out of the downtrend channel again today, but still under the 200 day MA currently. But showing good RS in on a down market day.
$SNAP from the watchlist also showing good RS today so far and still in the backup range
$MNDY a strong run since the IPO. Dropping down to the 2hr chart shows that it's in Stage 3 on the intraday, & the current price and volume action is showing some signs of distribution and a series of lower highs. So looks vulnerable for a Stage 4 attempt, but could still spring.
$ARBKF $ARB.L first move above the +2x ATR level since February. Change of behaviour
$LCID from the watchlist starting to look like potential start of Phase D of the six month or so base as it's attempting to follow through from a spring and test and also recover the 50 and 200 day MAs today.
Stage 1 base on the weekly chart
$SCWX - Stage 2 Continuation Breakout - isatrader - 2021-09-17
$SCWX turning into a great example of how the early part of a Stage 2 advance evolves over many months.
Study the price, volume and relative strength characteristics since the Stage 2A breakout
See the original post on twitter at the Stage 2A breakout week https://twitter.com/stageanalysis/status/1403668724440305666
$STEM - Stage 1B - isatrader - 2021-09-17
$STEM an early addition to the weekend watchlist.
The six month Stage 1 base looks to be forming an LPS in Phase C with two days of strong demand which have taken it back above the +1x ATR level for the 1st time since the highs of the base.
$ACTG - isatrader - 2021-09-18
$ACTG from the watchlist. Absorbed the supply from earlier in the week and held at volume support from the 10th Sept significant bar and rebounded back towards the top of the range.
Watching for a Stage 2 breakout attempt
PLTR - Stage 2 Breakout - isatrader - 2021-09-18
PLTR made a Stage 2A breakout this week on more than 2x the average weekly volume, which is one of the key criteria that we look for in the Stage Analysis method in order to differentiate between the high quality and low quality breakouts. The other key criteria are, Relative Strength versus the S&P 500 outperforming, Relative Strength versus the Peer Group outperforming and for the stock to have no near term resistance (six months or more of basing is a good rough guide for this).
So with this weeks breakout, PLTR now meets the Stage Analysis method higher quality criteria, and so the expectation would be for the Stage 2 advancing phase to develop. There's no guarantee of this, and even if it does, it could take many months to get moving, as early Stage 2 breakouts are often short term extended and so need a backing up period to consolidate, and so risk management via position sizing and stop loss positioning is an important consideration if you do attempt to trade it.
Always consider your risk first when considering a potential trade. However good it looks on the charts.
PLTR Stock Point & Figure Horizontal Price Target (Wyckoff method)
The Wyckoff method P&F horizontal count line is 21 columns with a 0.5 box size by 3 reversal chart. Which added onto the Spring Low at 17.5 and the Last Point of Support (LPS) at 21, gives a target range of 49 to 52.5. Hence the potential Cause from the 6 month base is 70%+ from the current price level.
PLTR Stock Annual fundamentals + future estimates
$WSC - Stage 2 continuation breakout - isatrader - 2021-09-18
$WSC Stage 2 continuation breakout this week on 2.75x the average weekly volume (take some off for quad witching volume on Friday - but still would have met the 2x requirement imo).
It is short term extended so would be watching for backup / consolidation to develop.
$WSC gets a SATA (Stage Analysis Technical Attributes) score of 3, as while it's outperforming the market and peer group itself. Its group and sector are both underperforming the market (S&P 500), and so it's a standout in its group currently, but we'd want to see those improve.
US Stocks Watchlist - 19 September 2021 - isatrader - 2021-09-19
For the watchlist from the weekend scans:
AMD, BLDE, CERS, DEN, DOCU, FORG, GLBE, LAZR, LCID, LTHM, LULU, MDB, NTLA, NTRA, NVDA, QDEL, RELX, S, SEDG, SHOP, SI, SNAP, SQ, STEM, U, UPST, UPWK
For the individual daily charts go to the private twitter channel at: https://twitter.com/Stage_Analysis/status/1439609602971250690