New Ideas

General comment before I get into the charts. On Friday, there were 857 new highs and 27 new lows. My first pass long list had over 200 stocks. The first pass short list had less than 30 stocks (the short list was dominated by oils and oil services). So even though the market seems toppy, it still is powering up. Go figure.

Automatic Data Processing (ADP), broke out of symmetrical triangle. Price and volume action were strong, and it cleared the local high of 174.50. Possible target 187.25.

Black Hills (BHK) broke out of a descending triangle, possible target 86.25. It has not yet cleared the local high. Also note this is a relatively low volume stock.

The Joint Corp (JYNT), in spite of it’s name, is not among the recent crop of cannabis stocks (it deals with human body joints, not the kind you smoke). It has formed a funky head and shoulders pattern, which usually indicates a future drop in price (Another possible interpretation is this is in a rectangle, testing the lower boundary). However, be on the watch here for a failed H&S, which would be indicated if price bounces and exceeds the dotted line. Possible upside and downside targets are shown. Note this is a low volume stock.

Marvell Technology (MRVL) has broken out of a 5 month rectangle and has a possible target of 31.50.

Oneok (OKE) has a busy chart since early 2017, with a nice Cup and Handle pattern and an inverted H&S. The H&S is active and has a possible target of 91.00. Price is currently testing a local top.

Review

AYX – continued up through the week, exceeding the high from the base of the symmetrical triangle. Pattern and target still valid.

LSCC – powered up and hit the target of 23.61 in record time of 5 days. Pattern is completed.

MDB – price hit a high of 157.79 during the week, but then fell back below the week’s open, retracing a bit. Pattern is still valid, but this week’s price action was not encouraging.

ZEN – price advanced during the week before pulling back some on Friday. Pattern still valid.