Trade Ideas: CRME, SCVL, RUSHA, WGBC, MFM, CVG, NGPS, AKR
Todays selection covered a 15 minute time span. Markets remain in a weakened state, with few measures of support to look forward too. The main thing in bulls favor is the oversold nature of the market. All 8 featured stocks are from my original Base scan. The Channel scan came up with EEFT, but this stock looks to be breaking down from its channel
CRME: Nicely positioned at the convergence of the 20-day and 50-day MA. Stops on a loss of $11.50. Look for test of January highs.
SCVL: Finding some volume strength in afternoon trading to complete a 7-day "Rising Bullish Method" candlestick combo. Expect volume to pick up even more on a break of $24. Stops go on a loss of $22.60.
RUSHA: Working on a confirmation test of $17.50 support. Yesterday's hammer could help if $18 support holds at the close. This is where stops should go.
WGBC: Small pullback. Low risk opportunity with stops on a loss of $16.60. Project a $2.40 move to put a short term target of $20 on the board. Watch for resistance at $19 (see weekly chart).
MFM: Pushing a breakout of $8.50. Thinly traded, so any position in this stock will be vulnerable to whipsaw. Mental stops on a loss of the 50-day MA.
CVG: Trading a handle following the late February gap breakout. Trading in the lower part of the handle range. A gap closure to $16.60 cannot be ruled out, but there looks to be support at $17.00. Real action will come on break of $18
NGPS: Riding the 50-day MA. Watch for break of $35. Weekly chart shows a bullish ascending triangle. The sharp drop in volume through the consolidation is good news for the bulls. Point-n-figure target of $50 looks good here.
AKR: A funny stock for the scan. Looks too extended to be buying, with no clear base as such. Not sure how the scan picked this one up. It will probably turn out to be the best performer!
Trade Ideas
CRME: Nicely positioned at the convergence of the 20-day and 50-day MA. Stops on a loss of $11.50. Look for test of January highs.
SCVL: Finding some volume strength in afternoon trading to complete a 7-day "Rising Bullish Method" candlestick combo. Expect volume to pick up even more on a break of $24. Stops go on a loss of $22.60.
RUSHA: Working on a confirmation test of $17.50 support. Yesterday's hammer could help if $18 support holds at the close. This is where stops should go.
WGBC: Small pullback. Low risk opportunity with stops on a loss of $16.60. Project a $2.40 move to put a short term target of $20 on the board. Watch for resistance at $19 (see weekly chart).
MFM: Pushing a breakout of $8.50. Thinly traded, so any position in this stock will be vulnerable to whipsaw. Mental stops on a loss of the 50-day MA.
CVG: Trading a handle following the late February gap breakout. Trading in the lower part of the handle range. A gap closure to $16.60 cannot be ruled out, but there looks to be support at $17.00. Real action will come on break of $18
NGPS: Riding the 50-day MA. Watch for break of $35. Weekly chart shows a bullish ascending triangle. The sharp drop in volume through the consolidation is good news for the bulls. Point-n-figure target of $50 looks good here.
AKR: A funny stock for the scan. Looks too extended to be buying, with no clear base as such. Not sure how the scan picked this one up. It will probably turn out to be the best performer!
Trade Ideas
