Monday, November 28
Joy Global
Nasdaq "The Real Most Active"
Analysis of IBD Chart
Even if a base seems sound at first glance, a closer look may reveal some weaknesses. Joy Global (JOYG) marked an all-time high the week ended Oct. 7 (Point 1). But it reversed to undercut its 10-week moving average and finish the week near its lows on heavy trade (Point 2). After two more down weeks, the stock began climbing. It’s nearing the top of a seven-week consolidation but volume has been well below average (Point 3). A few warnings: First, the stock appears to be in a fourth-stage base, which carries higher risk of failure than early-stage bases. Second, volume trends have been weak. You’d want to see the right side of the pattern form on above-average trade.
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