Old-line hand tools manufacturer Stanley Black & Decker (SWK) , founded in 1843, is a fallen champion that's judged to be making a comeback. Its chart pattern qualifies as a "bearish-to-bullish" reversal buy. Down some 23% from where it was trading 5 years ago (vs.
a 95% gain for the S & P 500 Index in the period) SWK has much ground to make up versus the market. And of late, SWK has come to life and made up some ground, outperforming the SPX the past 3 months and the past 6 months. SWK, after recovering post Covid with the overall market in 2021, gave back all its gains (unlike the market) and sunk all the way back to its Covid low, losing 76% of its total value.
Importantly, and bullishly, SWK stopped selling off in 2022, right at its Covid Low, and bounced nicely, establishing an enduring 'double bottom.' And ever since the 'double bottom' was made, SWK has been gradually working higher. The chart pattern at present is judged to be a "bearish-to-bullish" reversal buy, with the completion of the bottoming-out process implying a move to the $130+/- level.
-Carter Braxton Worth For actionable recommendations via email and live nightly videos become a member at worthcharting.com . DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium.
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