Point & Figure Daily: Chart Patterns, Signals & Trends

SAND [PRICE DOUBLE TOP | INDEX RELATIVE DOUBLE TOP] | Target = $10, Stop = $3.25

Sandstorm Gold is just 26 cents away from a fresh Double Top breakout, a follow up signal to the buy from January 24th. The move could also signal a resumption of the rally off the January 2016 low.

The relative ratio, versus the NYSE Composite, continues to build a 5 year base, holding its buy signal from January.

sand P&F
SAND relative PnF

KL [PRICE DOUBLE TOP | INDEX RELATIVE DOUBLE TOP] | Target = $40, Stop = $32

Kirkland Lake Gold has been highlighted a few times, watching to buy a pull-back. The price now sits at the bottom of its short-term consolidation, with support also coming in from the 10-week moving average. Favourable risk-to-reward ratio for fresh entry here.

The Kirkland P&F relative ratio is versus the NASDAQ 100. The relative weakness this month is of similar magnitude to prior retreats, 3 to 5 boxes deep. Outperformance expected to soon resume.

Kirkland Point & Figure
KL Gold miner

UNUM [PRICE DOUBLE BOTTOM SECTOR RELATIVE DOUBLE BOTTOM] | Target = $24, Stop = $39

Unum Group printed a 3 box reversal down yesterday following a non-stop run off the December 2018 low. The turn down occurred from resistance at the 30-week moving average and likely indicates a resumption of the medium-term correction.

The P&F relative ratio, versus the S&P 500 Financials, depicts underperformance over the past several years. A sell signal from December last year remains in effect.

UNUM P&F
UNM Point & Figure

HOG [PRICE BULL TRAP | INDEX RELATIVE DOUBLE TOP] | Target = $30, Stop = $40

Harley-Davidson printed a Bull Trap this month, with the downtrend of the past two years now resuming. Note failure from both the 10-week and 30-week moving averages.

The P&F relative ratio, versus the NYSE Composite, is trending down towards its low from March 2009. Severe underperformance over the past 5 years.

Harley Davidson P&F
HOG Point & Figure

IP [PRICE BULL TRAP - forecast | INDEX RELATIVE DOUBLE BOTTOM] | Target = $33, Stop = $49

International Paper's Triple Top breakout in January looks to have failed, with a Bull Trap now considered the likely outcome,  with the yearlong downtrend resuming. The key moving averages also serve resistance here.

The P&F relative ratio, versus the S&P 500, printed a 3 box reversal down yesterday, hinting at a reassertion of the 5 year underperformance trend.

IP Point & Figure
IP