The S&P 500 index, Dow Jones and Nasdaq composite all rose Monday but closed the week modestly lower. This sideways stock market action offered a chance for many leading stocks to work on handles in their consolidations. Facebook (FB), Twitter (TWTR) and Akamai Technologies (AKAM) have finished handles, offering new buy points. Google parent Alphabet (GOOGL) and Alibaba (BABA) are close to finishing a handle. X Why Handles Matter Handles offer a last shakeout of weak holders. When a stock clears a proper handle in strong volume, it’s evidence that the stock is ready to advance. What Is A Proper Handle? Proper handles involve at least five days of moderate declines, though some develop over several weeks. You want to see a gradual drift, ideally in light trade. Heavy trade would imply selling from big institutions. The midpoint of the handle should be above the midpoint of the base. If a handle forms in the lower half of a pattern, there may still be selling pressure as old investors seek to exit with a profit or minimal losses. While handles are most closely associated with cup bases, they also form on double-bottom patterns. Twitter and Akamai stocks are cup-with-handle bases,… Read full this story
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