U.S. Equities Watchlist Additions – November 22nd, 2021

U.S. Equities Watchlist Additions – November 22nd, 2021

The following additions to our watchlist were brought to our attention over the past weekend since they show clear Rectangle patterns, usually the most reliable patterns for trading.


$STEM – Stem, Inc. builds and operates the digitally-connected energy storage network. It provides solutions that address the challenges of the dynamic energy market.

Sector: Producer Manufacturing

Market Capitalization: 2.801B

TECHNICALS

On the daily timeframe, the price chart has formed a Rectangle pattern since August of 2021, finding resistance at the $26.00 price level, and finding support at the $21.15 price level.  A daily close of $26.78 will confirm the breakout from the rectangle pattern with a possible price target of $30.85. A daily close of $20.52 will confirm the breakdown of the rectangle pattern with a possible price target of $17.20.

The chart shows that the price bounced off the support area on November 18th, 2021. We see a Bullish Engulfing candle on the following trading day ( 11/19/2021), indicating that higher prices could follow.

$STEM Rectangle pattern

$CNP – CenterPoint Energy, Inc. is a holding company that engages in power generation and distribution.

Sector: Utilities

Market Capitalization: 16.696B

TECHNICALS

On the daily timeframe, the price chart has formed a Rectangle pattern since June of 2021, finding resistance at the $26.60 price level, and finding support at the $24.17 price level.  A daily close of $27.40 will confirm the breakout from the rectangle pattern with a possible price target of $29.00.

$CNP Rectangle pattern

$X – United States Steel Corp. engages in the manufacturing and selling of steel products.

Sector: Non-Energy Minerals

Market Capitalization: 6.626B

TECHNICALS

On the daily timeframe, the price chart has formed a Rectangle pattern since May of 2021, finding resistance at the $28.85 price level, and finding support at the $20.50 price level.  A daily close of $29.70 will confirm the breakout from the rectangle pattern with a possible price target of $37.00.

$X Rectangle pattern

Charts drawn using TradingView

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