Stock to Watch: Satcon Technology Corp (SATC)
With Futures suggesting a mixed Friday in preperation for next week's earnings season and last night's breakout scan drawing a blank I took a look at previous breakout candidates to find a stock which is behaving well. One which caught the eye was Satcon Technology Corp, SATC.
The stock featured twice in a past breakout scan; first on June 25th and again on June 28th when it closed at $2.99 and $3.08 respectively. The stock has since converged into a bullish wedge which has held above prior trading range resistance of $2.90 (it closed yesterday at $2.90). The top-end of the 2010 range is $2.93 but if the stock is to push on it will have to make its move over the next couple of days. A confirmed move higher will require a close above $3.00 on volume, otherwise a close below $2.75 would negate the bullish implications of the wedge pattern.
Analysts have placed a 1-year price estimate of $3.71 with two recommending a 'buy' and three a 'hold'. MDB Capital Group recently placed a target of $4.00 (from June 4th). The technical target is around $3.90 based on the height of the 'pole' from June lows to June highs - projected forward from the current trading pattern.
A SeekingAlpha blogger, Daniel Long, had this to say:
Perhaps one for a quiet market? Why not set a Zignals Stock Alert for a break of $3.00 or $2.75 on volume.
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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.
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The stock featured twice in a past breakout scan; first on June 25th and again on June 28th when it closed at $2.99 and $3.08 respectively. The stock has since converged into a bullish wedge which has held above prior trading range resistance of $2.90 (it closed yesterday at $2.90). The top-end of the 2010 range is $2.93 but if the stock is to push on it will have to make its move over the next couple of days. A confirmed move higher will require a close above $3.00 on volume, otherwise a close below $2.75 would negate the bullish implications of the wedge pattern.
Analysts have placed a 1-year price estimate of $3.71 with two recommending a 'buy' and three a 'hold'. MDB Capital Group recently placed a target of $4.00 (from June 4th). The technical target is around $3.90 based on the height of the 'pole' from June lows to June highs - projected forward from the current trading pattern.
A SeekingAlpha blogger, Daniel Long, had this to say:
SATC's balance sheet is not the greatest, but certainly sustainable. On June 17, the company added 12 million to its short term debt load. It has seen a little bit of quarterly revenue growth and has consistently shown a gross profit. Recently the company has announced several deals, and has introduced a few new products. This combined with some insider buying via stock options at around $2.25 may bode well for the stock in the short-to-mid-term
Perhaps one for a quiet market? Why not set a Zignals Stock Alert for a break of $3.00 or $2.75 on volume.
Find out how:
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!
