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Upward-Sloping Handle Signals Problems Ahead.(A)(INVESTOR'S CORNER)
Byline: CHRISTINA WISE
In a bull market, stocks with questionable bases and fundamentals can find themselves swept up in the northward price march.
But a whipsaw market like the current one can be brutally efficient in exposing a stock's flaws. That's why it's more important than ever to demand a base that's free of any faults that might spoil the stock's upward climb.
One of these flaws is an upward-sloping handle.
After a stock winds its way through a consolidation, or a downturn following an uptrend, it will often pull back 10%-15% for a few weeks as it nears its high.
This controlled decline forms a chart pattern that looks like a handle. Its purpose? To rid the stock of the last few sellers who might be prone to dumping as the stock tries to move higher.
These disgruntled folks have weathered the downturn and are ready to unload their shares and recoup their investments.
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