The following additions to our watchlist feature well defined chart patterns that can offer trading opportunites and profits if the correct trade actions are applied to your trades.
$K – Kellogs Company engages in the manufacturing, marketing, and distribution of cereal and convenience foods. The firm markets cookies, crackers, crisps, and other convenience foods.
Sector: Consumer Non-Durables
Market Capitalization: 21.566B
Ownership Summary: 85.39%
On the weekly timeframe, the price chart has formed a multi-year Ascending Triangle pattern since September of 2018, finding strong resistance at the $67.00 price level. A weekly close of $69.00 will confirm the breakout from the ascending triangle pattern with a possible price target of $88.00
$UPWK – Upwork, Inc. operates an online marketplace that allows businesses to find, hire, and pay freelancers for short-term and longer-term projects.
Sector: Technology Services
Market Capitalization: 6.092B
Ownership Summary: 68.23%
On the daily timeframe, the price chart has formed an Ascending Triangle pattern since February of 2021, finding strong resistance at the $60.50 price level. A daily close of $62.30 will confirm the breakout from the ascending triangle pattern with a possible price target of $88.00
If we add some indicators to the chart, we can notice that Stochastics is in the oversold area, and the RSI 14 is having postive convergence towards RSI 75. The price bounced off the diagonal support line on Nov. 11th, which could indicate that the price will continue moving towards the resistance level. The current price can be an excellent long entry for the more aggressive and experienced traders.
$ACB – Aurora Cannabis, Inc. engages in the production, distribution, and sale of cannabis products. Terry Booth and Steve Dobler founded the company on December 21, 2006, and its headquarters are in Edmonton, Canada.
Sector: Process Industries
Market Capitalization: 1.685B
Ownership Summary: 17.33%
On the daily timeframe, the price chart has been forming what could be interpreted as a Head and Shoulders Bottom pattern since August of 2021, finding strong resistance at the $7.50 price level. The daily close of $7.70 on Nov. 12th, 2021, confirmed the breakout from the Head&Shoulders Bottom pattern with a possible price target of $9.00. The price gapped at the open and closed with a substantial 12.29% increase from its previous close. This gap could be considered as a breakaway gap since there was a higher than average volume. This volume could signal firm conviction for a continuation to the upside on Monday, but this is not a guarantee.
Charts drawn using TradingView
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