Trade Ideas: ACTU, CBSS, XRX, GNW, XRAY, ZION, MHS, CRL
Today's eight stocks was generated over the space of an hour (compared to minutes normally). There is little for buyers to get excited about with the NASDAQ trading below 20-day and 50-day MAs, the break of October trendline support in the RUSSELL 2000 and semiconductor index - with a similar breakdown likely to occur in the S&P if it keeps its current form. Ugly day all around.
ACTU: Channel scan. Trading at the lows of the channel ($3.80) and looking vulnerable to further selling. Buy break of $3.90, but otherwise keep this on the watch list.
CBSS: Base scan. Bullish flag which is $0.70 away from 20-day MA support. Steady uptrend should continue. Stops on a loss of the 50-day MA. Look to whole number resistance as a price target ($60 first).
XRX: Base scan. Trading in a small channel above the 50-day MA. Buy closing break of $15.20. Stops on loss of 50-day MA. Measure move target of $18.50
GNW: Base scan. Rally off $31.72 is perhaps a little extended to be buying here. Watch for retracement to 50-day MA, or $33.50 (whichever is lower). Resistance at $35 will be a concern.
XRAY: Base scan. Decent demand on dips below $56. But stock trades in a broad channel, marked by $52 lows and $58 highs since early 2005. Money flow favors the bulls - will we see a break of $58 soon?
ZION: Base scan. Bouncing off the 20-day MA on a bullish test of new support ($81.20). If buying, run a stop on a loss of $81.40. A test of the 50-day MA at $78.93 cannot be ruled out at this stage, its last test in January did produce a tradable bounce.
MHS: Base scan. Attempted close of the breakout gap. The gap at $56 remains following todays (premature?) rally. $57.50 is resistance on the weekly chart. In the bulls favor is the ascending triple top breakout from March 1st and price target of $68.
CRL: Base scan. Tightening coil could go either way. A break of $50 brings $55 into range. A loss of $48 has $44.50 in its sights. Swing traders play. Resistance at $52 is a concern for the bulls.
Trade Ideas
ACTU: Channel scan. Trading at the lows of the channel ($3.80) and looking vulnerable to further selling. Buy break of $3.90, but otherwise keep this on the watch list.
CBSS: Base scan. Bullish flag which is $0.70 away from 20-day MA support. Steady uptrend should continue. Stops on a loss of the 50-day MA. Look to whole number resistance as a price target ($60 first).
XRX: Base scan. Trading in a small channel above the 50-day MA. Buy closing break of $15.20. Stops on loss of 50-day MA. Measure move target of $18.50
GNW: Base scan. Rally off $31.72 is perhaps a little extended to be buying here. Watch for retracement to 50-day MA, or $33.50 (whichever is lower). Resistance at $35 will be a concern.
XRAY: Base scan. Decent demand on dips below $56. But stock trades in a broad channel, marked by $52 lows and $58 highs since early 2005. Money flow favors the bulls - will we see a break of $58 soon?
ZION: Base scan. Bouncing off the 20-day MA on a bullish test of new support ($81.20). If buying, run a stop on a loss of $81.40. A test of the 50-day MA at $78.93 cannot be ruled out at this stage, its last test in January did produce a tradable bounce.
MHS: Base scan. Attempted close of the breakout gap. The gap at $56 remains following todays (premature?) rally. $57.50 is resistance on the weekly chart. In the bulls favor is the ascending triple top breakout from March 1st and price target of $68.
CRL: Base scan. Tightening coil could go either way. A break of $50 brings $55 into range. A loss of $48 has $44.50 in its sights. Swing traders play. Resistance at $52 is a concern for the bulls.
Trade Ideas
