These stocks, Mistras Group, Inc, and Chesapeake Utilities Corporation, have been showing head and shoulder patterns on March 25. The head and shoulders pattern resembles the upper part of a persons body. The seperating line between both shoulders is called the neckline. After a rise in the stock price, if a formation resembling a head and shoulder is forming and the price breaks through the neckline after completing the right shoulder, this indicates that a reversel of the price may occur. Volume is the higest during the left shoulder formation, and as the price slips back volume decreases. Investors should look out where the shoulders form and consider shorting the stock after the right shoulder and buying it back once the pattern finishes.
Shares of Mistras Group, Inc (MG) fell by 3.47% or $-0.86/share to $23.9. In the past year, the shares have traded as low as $14.83 and as high as $26.24. On average, 149430 shares of MG exchange hands on a given day and today's volume is recorded at 181291.
Shares of Chesapeake Utilities Corporation (CPK) traded higher by 1.09% or $0.45/share to $41.64. In the past year, the shares have traded as low as $35.10 and as high as $44.17. On average, 42760 shares of CPK exchange hands on a given day and today's volume is recorded at 34541.
