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Ascending Base Formations Are Rare, But Pack A Punch.(THE SMART INVESTOR)(WINNING WAYS)
Byline: KEN HOOVER
Ascending bases show up on the road from a stock's breakout to the top. They are an intermediate formation and a good chance to get in if you missed the stock when it first broke out. They're also a good chance to add to your position.
In any case, you know you're in a solid stock if it carves out an ascending base while you're holding it.
Two examples are mobile home maker Redman Industries in 1968 and AOL in 1999. Both companies were industry leaders with stellar sales and earnings growth.
An ascending base consists of three declines of from 10% to 20% each, with each low point higher than the preceding low point.
In Redman's case, the 12-week ascending base occurred during a 10% S&P 500 correction. Redman was so strong it defied the averages, advancing anyway.
It had just broken out of a 13-week cup-with-handle base when the ascending base began forming (1).
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