Looking at some cyclical names, we stumbled on an interesting chart of Louisiana-Pacific (LPX).
In this chart of LPX, above, we can see a low at $14 in late July and a successful retest in late September. This small double-bottom gives us an upside target of $19 to $20. Prices have rallied over their August highs and the On-Balance-Volume (OBV) also turned up in late July.
In this chart, above, prices have been held captive in a $13 to $19 trading range. If the double-bottom pattern plays out, then we should see a breakout from this $13 to $19 range and a possible retest of the 2013 highs at $22.
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The sector ETFs present a different picture than the broader averages.
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