Blog Post: Day 34 of $QQQ short term up-trend; $ANF, an amazing pattern of an advancing growth stock, see weekly chart and explanation of this technical pattern, also $GCT

GMI6/6
GMI-27/9
T210851%

I have found that one of the best patterns for an advancing stock is one where the 4wk average>10wk avg >30wk avg for several weeks and the stock consistently closes the week above its 4 week average. In such a stock one could buy when the stock closes the week after a bounce above its 4 wk average, designated by green bars in this chart. A green bar signifies  that it has traded below or at the 4wk average  at some point during the week and then closed the week back above it. A sign of possible technical weakness would be if such a stock closes the week below the 4 wk average. ANF last closed the week below its 4 wk average on October 27, 2223. Since that time it has closed every week above its 4 week average!  The last price bar here is the current week thus far, showing the range through Tuesday only. ANF is currently floating above its 4 wk average, a sign of its possibly being extended. What a nice pattern to ride. This pattern works best by buying late Friday or Monday morning after one can be sure that a stock closes the week with a green bar and above its 4 week average. I often use TC2000 to scan for stocks with a weekly green bar. Another recent example is GCT.

1 thought on “Blog Post: Day 34 of $QQQ short term up-trend; $ANF, an amazing pattern of an advancing growth stock, see weekly chart and explanation of this technical pattern, also $GCT”

  1. I’m all for waiting until the close of the current bar in theory, but that 40% drop on GCT on Feb 20 (circuit breakers and halts included) is likely not the best example for the pattern you are trying to illustrate here.

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