Trade Ideas: CPS, CTEC, FRC, ITMN, TOMOT, SRR, GR, HIT
My Trade Ideas Base scan took 33 minutes to come up with the 8 stocks for today; relatively weak buying.
CPS: New near term highs on break of $45. Larger gap resistance lurks at $46. If this turns into a cup-and-handle breakout, one will need to watch for a higher volume break of $48 (see weekly chart). Point-n-figure target of $57.
CTEC: Retracements are bouncing off the 50-day MA. The current pullback fell short of a complete test, but this looks to be a good place to buy. Stops on loss of $11, or 50-day MA, whichever is higher. Major resistance lurks at $13.50. Point-n-figure target of $19 to aim for.
FRC: After 3-days of consolidation, the stock continues its advance off $35 lows. Look for move to $42. Stops on loss of $38
ITMN: Fighting for support at the 50-day MA. Currently trading above this MA. Gap at $20 has closed, but a second move above $20 would be a good long side entry. Stops on a loss of $18.50. Target of $28 looks good (2003 resistance).
TOMO: Still mapping a consolidation. Best to wait for break of $23. Good support on dips to $20. Prior trend should continue. Look for move to $35.
SRR: Looks a little extended to be buying with resistance lurking at $15. Good support at $14. Move to $15.00 will trigger an ascending triple top breakout on the point-n-figure chart. One to watch.
GR: The move from $40 has consolidated into a mini-handle. Support at $43 looks good. 50-day MA remains long term support. Watch for move to $57. Point-n-figure target of $54 can be used as an alternative.
HIT: This ADR should be watched for break of $71. Test of $75 should soon follow, then $80. Prospects.
Trade Ideas
If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.
CPS: New near term highs on break of $45. Larger gap resistance lurks at $46. If this turns into a cup-and-handle breakout, one will need to watch for a higher volume break of $48 (see weekly chart). Point-n-figure target of $57.
CTEC: Retracements are bouncing off the 50-day MA. The current pullback fell short of a complete test, but this looks to be a good place to buy. Stops on loss of $11, or 50-day MA, whichever is higher. Major resistance lurks at $13.50. Point-n-figure target of $19 to aim for.
FRC: After 3-days of consolidation, the stock continues its advance off $35 lows. Look for move to $42. Stops on loss of $38
ITMN: Fighting for support at the 50-day MA. Currently trading above this MA. Gap at $20 has closed, but a second move above $20 would be a good long side entry. Stops on a loss of $18.50. Target of $28 looks good (2003 resistance).
TOMO: Still mapping a consolidation. Best to wait for break of $23. Good support on dips to $20. Prior trend should continue. Look for move to $35.
SRR: Looks a little extended to be buying with resistance lurking at $15. Good support at $14. Move to $15.00 will trigger an ascending triple top breakout on the point-n-figure chart. One to watch.
GR: The move from $40 has consolidated into a mini-handle. Support at $43 looks good. 50-day MA remains long term support. Watch for move to $57. Point-n-figure target of $54 can be used as an alternative.
HIT: This ADR should be watched for break of $71. Test of $75 should soon follow, then $80. Prospects.
Trade Ideas
If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.
