Nasdaq Dorsey Wright

ANDE, IBM, PLAY

ANDE The Andersons, Inc. ($56.62) - Food Beverages/Soap - Shares of ANDE broke a double top at $57 on Monday, completing a bullish triangle. The stock remains a 5 for 5'er at this time and the weight of the technical evidence is positive. Further bullish confirmation would come with a break past resistance at $58.

IBM International Business Machines Corp. ($188.79) - Computers - IBM fell lower Monday to break a double bottom at $190. This sell signal follows a double top formation at $198, setting up a potential shakeout pattern. The buy point on this pattern would come with a potential reversal back up into Xs, as long as the current column of Os does not exceed 7 boxes or break through additional support. Currently, that buy point would come at $196. IBM has a strong 5 for 5 TA rating and sits in the top quartile of the computers sector RS matrix. The long-term technical picture is favorable, enhancing the favorable nature of this potential trading signal. Further support can be seen initially at $180. The pattern would be completed with a potential move to $200, which would denote a triple top breakout and mark a new multi-year high.

PLAY Dave & Busters Entertainment ($59.64) - Restaurants - PLAY broke a double bottom at $60 to initiate a shakeout pattern as the stock fell to $59. The stock is a 5 for 5'er that ranks in the top quintile of the Restaurants sector matrix. From here, the action point for the shakeout pattern is on a reversal into Xs at $62 and the pattern would be complete upon a triple top break at $65, a potential multi-year high. From here, initial support lies at $58, while additional can be found at $48.

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