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Spotting The Buy Point: Genesco Needed Multiple Breakout Tries.(B)(INVESTOR'S CORNER)
Byline: JUAN CARLOS ARANCIBIA
Sometimes, a cup with handle takes an awkward turn: a slight deformity that, despite itself, doesn't ruin the overall pattern.
One such case was Genesco's chart last summer and fall. In terms of meeting the mathematical requirements of the base, the shoe and casual hat retailer was a good fit. But it needed a few tries to get its rally off and running.
The stock had a strong prior uptrend, rising 80% from its late-December 2003 low to the beginning of its correction on June 2, 2004 (1) .
The left side of the cup was shapely enough, descending 27% over the next 10 weeks (2) -- well within the 33%-35% correction limit in a proper pattern. After crossing below its 40-week moving average, the stock found a bottom (3). But that's as far as conventional form went.
Genesco started rallying back with a 19% jump the week ended Aug. 20 (4) . The highlight was a gap-up Aug. 19 after the company reported a 567% surge in July second-quarter earnings ...
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