Pattern Pals
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.
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