On the surface, the market appears to have shrugged off bad news and regained it’s mojo. However, I remain in the camp of the cautious doubters in the short term, and will trade accordingly.

New Ideas

Adient PLC (ADNT), a manufacturer of auto seating, has broken out of an eight month rectangle. Possible target is 30.75.

Gilead Sciences (GILD) had a very volatile week, moving on rumors of coronavirus cures. It did break out of a thirteen month rectangle, but then fell back. This one definitely falls into the bottomfishing category, but it prints an interesting chart. One to watch.

Ziopharm Oncology (ZIOP) has broken down from a descending triangle. Possible downside target is 1.50.

Workday (WDAY) has broken out of an ascending triangle. Possible target 216.

Boyd Gaming has broken out from a thirteen month ascending triangle. Possible target is 42.70.

Perrigo Company (PRGO) first broke out 4 weeks ago, and has been printing a bull flag since. It appears poised to take off again, with a possible target of 66.

Liveperson (LPSN) is breaking out of a 6 month rectangle, with an upside target of 51.25.

Review

RDS.A – Price ended the week lower than the previous week by a bit. It tried to rally, but fell back at the end of the week. Pattern still valid.

RLJ – Price rallied a bit this week, and is currently resting at the bottom boundary of the descending triangle. Pattern still valid.

CVGI – Price fell slightly through the week. Pattern still valid.

TISI – Formed an inside bar, price slightly up from the week’s open. Pattern still valid.

XPER – Price fell a little further this week. Pattern still valid.

UAL – Price rallied strongly early in the week to challenge/test the lower boundary of the rectangle, then fell back some later in the week. Pattern still valid.