Trade Ideas: WRS, KEX, TRBS, CLP, SFC, ADIC, BDN, IYT
Working with closing data on this one so gaps will be a concern if looking for fills at Monday's prices.
WRS: Thinly traded but is pressuring $15 resistance. Weekly chart is the one to look at as the 40-week MA rises to meet current prices. This was a launching pad for the stock this time last year. Will it be second time lucky?
KEX: Nice pullback entry here. The big gap breakout of $55.50 has fully retraced and buyers are once again nibbling. Run stops on a loss of the 50-day MA and look to the point-n-figure target of $70
TRBS: Weekly chart shows a 15-month base with key resistance at $34. Current daily chart shows a conoslidation break from $30. Stops can be placed on a loss of $29 which allows for three support areas; $30, 50-day MA, and 200-day MA. Measured move target is $42.
CLP: Right up against $46 resistance from the summer of 2005. Very strong money flow. GTC buy limit orders at $46.21 will protect against any false move which triggers at $46.05 or below. Stops on a loss of $44.50. This is a current Subscriber feature of mine initiated on October 10th 2005.
SFC: Plenty of intraday volatility laid over a steady up trend. Weekly chart shows an important break of $11.75 resistance with a projected target of $15. Stop placement will be tricky (give it some $0.20 below the 50-day MA should protect against whipsaw) but the trend is your friend.
ADIC: Buy break of $10.50. Stock is working through a lengthy base from highs of $20 in early 2004. Stops go on a loss of $9.70. Resistance at $11 and again at $14 but solid volume buying should see a swift move to $20.
BDN: Nice mini-handle shaping around $31.50. Friday's positive test of $31 support confirms the earlier breakout. Stops can go on a loss of $31 for short term traders, and $29.50 for those looking to give the trade a little extra room. Measured move target is $39 which will be aided from a move to $33; a double top breakout on the point-n-figure chart with no overhead resistance (i.e. $39 may be a conservative target).
IYT: Looks to be forming a broadening wedge which is difficult to trade (and predict). Weekly chart shows a solid uptrend; placing a stop on a loss of $72 and using a measured move target of $83 one could look to buy around the 50-day MA at $75.29 to give the best risk:reward.
WRS: Thinly traded but is pressuring $15 resistance. Weekly chart is the one to look at as the 40-week MA rises to meet current prices. This was a launching pad for the stock this time last year. Will it be second time lucky?
KEX: Nice pullback entry here. The big gap breakout of $55.50 has fully retraced and buyers are once again nibbling. Run stops on a loss of the 50-day MA and look to the point-n-figure target of $70
TRBS: Weekly chart shows a 15-month base with key resistance at $34. Current daily chart shows a conoslidation break from $30. Stops can be placed on a loss of $29 which allows for three support areas; $30, 50-day MA, and 200-day MA. Measured move target is $42.
CLP: Right up against $46 resistance from the summer of 2005. Very strong money flow. GTC buy limit orders at $46.21 will protect against any false move which triggers at $46.05 or below. Stops on a loss of $44.50. This is a current Subscriber feature of mine initiated on October 10th 2005.
SFC: Plenty of intraday volatility laid over a steady up trend. Weekly chart shows an important break of $11.75 resistance with a projected target of $15. Stop placement will be tricky (give it some $0.20 below the 50-day MA should protect against whipsaw) but the trend is your friend.
ADIC: Buy break of $10.50. Stock is working through a lengthy base from highs of $20 in early 2004. Stops go on a loss of $9.70. Resistance at $11 and again at $14 but solid volume buying should see a swift move to $20.
BDN: Nice mini-handle shaping around $31.50. Friday's positive test of $31 support confirms the earlier breakout. Stops can go on a loss of $31 for short term traders, and $29.50 for those looking to give the trade a little extra room. Measured move target is $39 which will be aided from a move to $33; a double top breakout on the point-n-figure chart with no overhead resistance (i.e. $39 may be a conservative target).
IYT: Looks to be forming a broadening wedge which is difficult to trade (and predict). Weekly chart shows a solid uptrend; placing a stop on a loss of $72 and using a measured move target of $83 one could look to buy around the 50-day MA at $75.29 to give the best risk:reward.
