It has been a short, sideways week for equity markets. Stocks fell heading into the holiday weekend and have bounced back a bit to start a new week, but not enough to offset their previous declines, leaving markets essentially in a holding pattern for the moment. In this issue of Equity Leaders Weekly, we consider the wider implications of recent weakness in Taiwan shares and at a breakout in the oilfield service sector.
Last week, Bath & Body Works decisively broke out of a downtrend, completing a bullish Falling Wedge pattern, regaining $50.00 and climbing back above its 50-day moving average. This week, the shares have continued to climb, confirming the start of a new upswing and trending toward a test of $60.00 where a breakout would confirm the start of a recovery trend.
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