Stock to Watch: Rubicon Technology (RBCN)
Bulls will be looking to press yesterday's advantage off the back of strong Intel earnings so this optimism should spread to other technology stocks. I had to dig through my past breakout scan results to come up with a stock for today. Today's candidate, Rubicon Technology (RBCN) - a specialized semiconductor company, featured on June 14th and could see some love over the coming days.
Unlike many of the breakout stocks which have featured this past month it was one of the few not to reverse the qualifying (June 14th) breakout. The stock is engaged in a strong up trend dating back to market lows of March 2009, less the negative consequences of the past 3 months. It is nicely poised to break $34 resistance; a tight stop could go on a loss of $32, but if you wanted to give the trade some room place the escape hatch on a loss of $30.
As for upside potential, the 1-year Analysts' estimate is $35.83. Five analysts have 'buy' rating, one an 'outperform' and three recommend a 'hold'. Oppenheimer made two calls; one in May 2010 when the stock was at $27.11 for a target of $30; a second in June for a raised target of $34 when the stock was trading at $25.64. The measured move target based on the rally from the April-June consolidation is around $43.
Set your Zignals Free Alerts for a Price Cross Below either $30 or $32 and a Price Cross Above $34 (US alerts are real-time) to notify you when the breakout happens. If purchased, use another alert for a Price Cross Above $42 as a Target.
Could be an interesting day?
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Unlike many of the breakout stocks which have featured this past month it was one of the few not to reverse the qualifying (June 14th) breakout. The stock is engaged in a strong up trend dating back to market lows of March 2009, less the negative consequences of the past 3 months. It is nicely poised to break $34 resistance; a tight stop could go on a loss of $32, but if you wanted to give the trade some room place the escape hatch on a loss of $30.
As for upside potential, the 1-year Analysts' estimate is $35.83. Five analysts have 'buy' rating, one an 'outperform' and three recommend a 'hold'. Oppenheimer made two calls; one in May 2010 when the stock was at $27.11 for a target of $30; a second in June for a raised target of $34 when the stock was trading at $25.64. The measured move target based on the rally from the April-June consolidation is around $43.
Set your Zignals Free Alerts for a Price Cross Below either $30 or $32 and a Price Cross Above $34 (US alerts are real-time) to notify you when the breakout happens. If purchased, use another alert for a Price Cross Above $42 as a Target.
Could be an interesting day?
Follow Me on Twitter
Build a Trading Strategy Business in Zignals
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too.
Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!
