We’ve come to the Elite Eight of our March Madness Stock Watch and we have two distinctive themes.
Stocks showing a definitive breakout pattern or setup to a breakout and those showing a steady momentum upward within a well defined price channel.
Check out the awesome chart patterns below.
IRDM – Continues to display wedge pattern, the only question is – will it be able to breakout and win during this crucial week?
MRH – Meanwhile, MRH continues to show good rising strength.
BA – Boeing had a great breakout and now looks to establish a favorable pattern before it cools off and comes crashing back down to earth.
BKE – Buckel has demonstrated good form in maintaining a horizontal cooling off period (maintaining support) and then establishing a positive momentum patter after experiencing a similar BA style breakout last year. But, has BKE reached a momentum swing point with a possible new wedge pattern forming over the past two weeks? If so, it could be a bumpy ride this week.
DPS – Technically DPS was in a positive pattern upward (but just barely). After recovering from a violent drop in February, DPS has skyrocketed at just the right time to win each contest match-up this month. Now it faces the pressure of maintaining this breakout momentum above its top price channel.
INTL – is once again flirting with support lows and has yet to see any movement up to challenge this downward wedge pattern. It is amazing that they have managed to win this far into the contest.
SVLC – a previous “W” pattern (February – March) could have been a signal for a reversal. Now it has to breakout of its trending downward price channel. The rising support level of the horizontal wedge pattern helps support this effort.
TWX – is another stock that looks like it wants to continue in it established rising price channel. Will it be enough to carry it through to the final rounds?
You can follow this weeks match-ups, as well as the coming Final Four and Championship by clicking HERE!