Don’t Fear Failures
Advanced Energy Industries
(
AEIS |
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PowerRating) appears to be rebounding off the
convergence of its 50-day moving average and the 50% retracement level of its
November 30 low to the January 24 spike high and Lizard tail down.
If AEIS can muster up some continuation off this bounce and get
back up through the breakdown of the mini head and shoulders it had on Thursday,
February 1, we could see a test of the spike/Lizard, as fast moves many times
will come from failed patterns.
Cabot Microelectronics
(
CCMP |
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PowerRating) is triggering a rally from a
Trend Pivot Pullback, taking out the pivot high in a false rally out of a
pullback.
Often when stocks showcase this type of price action, the
"weak hands" will be shaken out, clearing the way for the issue to
continue higher. I also like the fact that CCMP had an 84% increase in revenues
and income more than doubled in the last fiscal year, which are numbers that
will make the fund managers and institutions take notice.
See you tomorrow,
Duke