Apr. 2, 2009 (Investor's Business Daily) -- J&J Snack Foods (JJSF) is in a cup-shaped base and nearing its 52-week high of 36.57.

From mid-August to its October lows, the stock fell 32%. That would be an acceptable depth for a base in a normal market, let alone in the raging bear we are emerging from.

By the first week of 2009, it seemed as if J&J was ready to run up.

The stock broke out in more than 40% higher volume. But that advance didn't last long.

The very next week, shares fell and started to consolidate again.

The first few weeks of the correction were tightly formed. That often means at least one institution is buying shares.

Institutional buying or not, the stock fell amid weakness in the general market.

This time, J&J corrected just 16% off its high.

Now it's rising, forming the right side of the base. It's a potential base-on-base pattern, with a possible buy point 15f 36.67.

Overall, the latest cup pattern has two net weeks of accumulation after you count high-volume down weeks in which the stock closed in the top of its price range. In this case, those weeks be considered accumulation.