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Technology Stocks with Confirmed Bullish Classic Patterns

Technology Stocks with Confirmed Bullish Classic Patterns

Posted May 9, 2024 at 10:45 am

Gary Christie
Trading Central

Using Trading Central’s “Technical Insight” screener, I screened for U.S equities that have listed options available and have confirmed a bullish classic technical pattern with a possible upward price move of at least 15%.

You can locate Featured Ideas in the IB portal under Research-Discover New:

You can locate Featured Ideas in the IB portal under Research-Discover New:

What we found

Western Digital Corp (WDC: NASDAQ) confirmed a bullish Symmetrical Continuation Triangle.

The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend.

A Symmetrical Continuation Triangle (Bullish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior uptrend.

A Symmetrical Continuation Triangle (Bullish) shows two converging trendlines as prices reach lower highs and higher lows.

More about Trading Central

Trading Central is a global leader in financial market research and investment analytics for retail online brokers and institutions. Trading Central’s product suite provides actionable trading ideas based on technical and fundamental research covering stocks, ETFs, indices, forex, options, and commodities.

Dell Technologies Inc (DELL: NYSE) also confirmed a bullish Symmetrical Continuation Triangle.

Dell Technologies Inc (DELL: NYSE) also confirmed a bullish Symmetrical Continuation Triangle.

Coinbase Global Inc (COIN: NASDAQ) confirmed a bullish Continuation wedge.

A Continuation Wedge (Bullish) represents a temporary interruption to an uptrend, taking the shape of two converging trendlines both slanted downward against the trend. During this time the bears attempt to win over the bulls, but in the end the bulls triumph as the break above the upper trendline signals a continuation of the prior uptrend.

Coinbase Global Inc (COIN: NASDAQ) confirmed a bullish Continuation wedge.

Chart Sources: Trading Central Technical Insight

Trading Central’s event-driven technical analysis “Technical Insight” allows investors to cover more ground and find more investing opportunities through the use of software automation.

The investment ideas presented here are for information only.  They do not constitute advice or a recommendation by Trading Central in respect of the investment in financial instruments. Investors should conduct further research before investing.

Gary Christie is head of North American research at Trading Central in Ottawa.

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2 thoughts on “Technology Stocks with Confirmed Bullish Classic Patterns”

  • Gottumukkala Ramarao

    I tried IBKR as a trial to see if it works with my E.W. software called MotiveWave. Since TD Ameritrade is not in business anymore , I was told lot of people now using IBKR for data.
    If ok with your Client services, I can open IBKR account with a small amount. If your data works with my software, I will transfer my Charles Schwab account to IBKR.
    Thanks.

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