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Saucer Bases Wear Out Investors.(A)(INVESTOR'S CORNER)
Byline: CRAIG SHAW
Stocks either wear you out or scare you out.
The sharp corrections in cup-with-handle and double-bottom bases scare out weak holders. A less common price formation, the saucer base, wears out investors with its lengthy consolidation.
As its name suggests, the saucer base is longer and shallower than its cup-with-handle cousin. It can take months or years to form. Investors get frustrated as the stock meanders south, then ambles slowly back toward its highs.
Its shallow dip and gradual recovery form the silhouette of a saucer. Investors accustomed to the skyrocketing techs of the late 1990s might lack the patience to wait out a yearlong base. But as the market returns to normal, the saucer pattern is useful to know.
As with all bases, look for high-volume support weeks and tight price ranges on light turnover at the bottom. Make sure the base sports more up weeks than down weeks on above-average trade.
After the stock climbs back near the top of the saucer, it'll often wedge downward on light volume for several weeks or months. That so-called handle puts the finishing touches on the base, shaking out the last weak holders so the stock is free to climb. Like the base itself, the ...
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