Bearish Takeaway
Note: The historical stock examples given below are for EDUCATIONAL USE ONLY. They ARE NOT to be used to make buy/sell decisions in today's market. For more information, please read the HSR Terms of Use.
Description
Price breaks hard off a high AND "takes away" multiple weeks' worth of gains in only one week or retraces multiple weeks' worth of gains before finding support.
Behavior Notes:
1. Bearish Takeaway Weeks usually occur above the 10 Week MA and must not exceed the high of the prior week.
2. Price will sometimes close below the 10 Week MA, which adds to the bearishness of the signal.
What you need to know
Bearish Takeaway weeks suggest that investors are in a rush/eager to sell stock.
Historical Stock Chart Examples 1A & 1B: Patterson-UTI Energy (PTEN) 1997
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Click to enlarge 1A
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Click to enlarge 1B
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Historical Stock Chart Examples 2A & 2B: Network Appliance (NTAP) 2000
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Click to enlarge 2A
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Click to enlarge 2B
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