The recent strength in the broader market has seen a number of oversold stocks that are forming reversal patterns. Today, I want to look at two that are completing inverse head-and-shoulders bottoms.
On May 25, I wrote about an inverse head-and-shoulders pattern on the New York Times (NYT) daily chart. It was a two-part trade: The first requirement was met when the neckline was broken, and currently the second part, a test of the 200-day moving average, is taking place. A similar pattern is forming on the chart of Gannett (GCI), another multimedia news company in which the stock price is testing its 50-day moving average....308 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.