Trade Ideas: FHR, EC, STXS, MOLXA, FIX, ATK, CPS, TRBS

The Channel scan turned up three candidates for today: FHR, EC, and STXS. It also turned up two candidates which appeared on the historical look back, but not during the trading day, over the course of this week: MOLXA, and FIX. The remaining three stocks were picked from the original Base Scan.

FHR: Flat-lined on $45 takeover bid. Unlikely to get much out of this, but included because of the nature of the scan.

EC: As above. Hostile takeover bid by BASF at $37-38. Company board fighting the Bid.

STXS: Showed up earlier in the day - by the time I picked it up it had already moved 11%. Solid, low volume consolidation, followed by higher volume buying to push the stock above the 20-day MA. Supply at $15 to chew threw, but looks good. Unfortunately, Hawaii time difference prevented my from seeing this one sooner.

MOLXA: Interesting why this didn't show up before. Prospects at the 20-day MA. Key resistance at $33.

FIX: Has held support of the 50-day MA very well. Steady uptrend, interspaced with volume buying spikes

ATK: Pushing off a small, week-long handle, nestled against the 50-day MA. Resistance at $79 could be problematic.

CPS: Nice follow through from 4-day pullback. Well on its way to test $46.50-48.00 resistance zone. Follow through target of $58. One to watch

TRBS: Good basing action. Chance to get in near the lows of the base. Double bottom ($26.59/$25.89) confirmation will come on break of $32. Base will complete on move to $34. Projected target of $42


Popular posts from this blog

S&P "Bull Trap"?

Image
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200.  Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed.  The index is also underperforming relative to the Russell 2000. 
Read more

"Black Candlesticks" are a concern for the S&P and Nasdaq

Image
A bright start for bulls on the back of positive $NVDA earnings wasn't enough to generate a day of meaningful gains.  However, it did help stall the losses of the last couple of days. The Nasdaq was the biggest beneficiary of today's action, but not enough to see an end-of-day finish that cleared last week's swing high, nor delivery of a large white candlestick, despite the morning breakout gap.  Technicals are net bullish and relative performance against the S&P has become consistently stronger since the start of May.  While today's candlestick I would view as typically 'bearish', today's volume ranked as confirmed accumulation (bullish). Overall, I would be looking for higher prices from here. 
Read more

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Image
The Nasdaq started brightly but ended up closing below its open price, but above yesterday's close. The S&P did something similar, although the intraday range is narrower. These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P. And the new MACD trigger 'buy' for the S&P. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices tomorrow.
Read more

Archive

Show more