Wednesday, January 31, 2007

Trade Ideas: DSW

Another non-event day. Only the Russell 2000 showed signs it could break channel resistance (and generate an important breakout). The Trade Ideas scan was buoyant enough at 2 minutes for 8 stocks. Coming in at 32 appearances for the day was DSW Corp. (DSW) - one of the few stocks to break the 20 appearance barrier.

DSW trades a channel within a channel as the stock prepares to test $41.94 resistance. Stops can go on a break of the reaction low which also marks the most recent (successful) test of the 50-day MA. The point-n-figure chart holds to a target of $61, but is neutral for a price pattern.

DSW, Inc. distributes and retails branded footwear in the United States. It offers a selection of brand name and designer dress, casual, and athletic footwear for men and women. The company also provides complementary selection of handbags, hosiery, and other accessories. In addition, it operates leased shoe departments for three nonaffiliated retailers and one affiliated retailer.




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