Running the Trending123 Pattern Scan powered by Recognia, four bullish setups in these $4 stocks. To kick of Fourth of July fireworks, here are four inexpensive names that could explode this summer! The upside targets based on the patterns follow and all charts courtesy of Recognia.
Diamond Bottom: TechTarget (TTGT)
This Diamond Bottom pattern in TechTarget (TTGT) tells us The price seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation. The Diamond Bottom pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks a significant reversal to a new uptrend.
Current Price: $4.45
Price Target: $5.05 – $5.15
Pattern Duration: 32 days
Bullish Continuation Wedge: Astex Pharmaceuticals (ASTX)
The Bullish Continuation Wedge in Astex Pharmaceuticals (ASTX) tells us after a temporary interruption, the prior uptrend is set to continue. 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.
Current Price: $4.46
Price Target: $7.20 – $7.80
Pattern Duration: 45 days
Bullish Continuation Wedge: Federal National Mortgage Association (FNMAS)
The Bullish Continuation Wedge in Federal National Mortgage Association (FNMAS) tells us after a temporary interruption, the prior uptrend is set to continue. 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.
Current Price: $4.95
Price Target: $7.10 – $7.70
Pattern Duration: 19 days
Bullish Continuation Diamond: Mandalay Digital Group (MNDL)
The Bullish Continuation Diamond in Mandalay Digital Group (MNDL) tells us The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. The pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks the resumption of the prior uptrend.
Current Price: $4.35
Price Target: $5.50 – $5.70
Pattern Duration: 38 days
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InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in his day trading, options and trading services: Power Trading at the Open, Parabolic Options andTrending123. Trending123 members receive access to the Trending123 Pattern Scan powered by Recognia free as part of their membership.
