These NYSE stocks are shaping up as breakouts, a point-and-figure chart term for, in these cases, a generally positive set-up. The reason for using p-n-f price charts is the glimpse of clarity they provide. Once you see the x’s and o’s lined up over a time period, you can begin to understand why some analysts still use it.
An X represents a move up of one dollar and a O represents a move down of one dollar. This method provides a trader or investor with the ability to quickly identify support and resistance levels. It also shows the direction of trend and makes it easy to see when a trend is broken.
Another advantage: it’s widely out-of-favor among the Wall Street money managers with statistics degrees and MBA’s, who consider the method too old-school in this era of algorithms and artificial intelligence. From a contrarian perspective, this makes point-and-figure charting a valuable resource.
NYSE Stocks With Breakout Patterns.
Adecoagro.
The Luxembourg-based farm products company has a stock that makes it up to $12 and then sells off. As you can see on the chart, it’s been up there at that price and backed off in 2012, 2022, 2023 and earlier this year. The series of higher lows since 2020 suggest buyers may take it above that resistance level next time around. Market capitalization is $1.18 billion. The price-earnings ratio is 5.70 and Adecoagro trades at 87% of its book value.
Banco de Chile.
The stock in March broke out above $21 resistance zone and kept going up to $25 before some selling finally arrived. If former resistance becomes support, as the price chart analysis saying goes, then a test of the $21/$20 may be expected. Banco de Chile has a market cap of $11.84 billion. It’s lightly traded with an average daily volume of 161,000 shares.
Clearwater Analytics Holdings.
The software application company stock in August broke out above the $21 resistance level and is now challenging the 2021 resistance at $27. A closing price above that might be bullish. Market cap is $6.59 billion. Citigroup analysts earlier this year initiated coverage of the stock with a “buy” rating and a price target of $28.
VanEck Vectors Gold Miners ETF.
This exchange traded fund of 61 gold mining stocks recently moved above the 2020 high of $43. It’s backed off from that breakout as sellers moved in but remains in an up trend for the year and since the 2022 lows. The three top holdings are Newmont, Agnico Eagle and Barrick Gold.
Mednax.
After several years of down trending, this medical care services stock this year reversed the trend. The “triple top breakout” of $10 took place on August 19th and you can see that the price has moved up to its current $15. It’s impossible to know if this move can continue upward but the break above that red downtrend line from 2021 is clear.
No artificial intelligence was used in the writing of this piece.
More price chart analysis and commentary at johnnavin.substack.com.
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