Trade Ideas: CRS, CDNS, X, GPRO, CSH, CSC, BWP, NPT
The Trade-Ideas scan was able to come up with the current stock selection in less than 3 minutes. There was no stocks from the Channel Scan to include, so all 8 are taken from my Base scan.
CRS: Working off the 20-day MA, with overhead trendline resistance around $87.50. Run stops on a loss of $82.50. Still looks in good shape to reach the point-n-figure target of $106.
CDNS: Can be a little wild on intraday volatility, but support at $17.50 looks good enough for stop placement. $18.25 is the resistance area to break. Project a move to $21, although the point-n-figure chart has a lower target of $19.50 on the menu.
X: Working support at the 50-day MA. Look to buy break of $59 (although weekly resistance more points to $60). Solid double bottom at $33.83/$33.45 from 2005 has reached its projected target of $57, so we are now looking at a measured move target to around $83. Point-n-figure chart suggests a target of $70. Take your pick.
GPRO: Small handle in the $49-51.50 range starting to push in favor of an upside break. Larger resistance at $52 still to contend with. Weekly chart show a broad, year long, ascending triangle. Projected move from this is towards $69. Stops go on loss of $48.
CSH: The January breakout has held up well in the face of market weakness. Current consolidation is knocking around the $26 to $28 range. A fast approaching 50-day MA has provided a launch pad in the past to further gains. Major resistance lurks at $30. Watch for a move to $47.
CSC: A break of $55 will likely trigger a series of GTC buy orders. Since the surge in October 2005 there has been a quiet drop in volume trading - setting the base up nicely. Stops can go on a loss of the 50-day MA, or $53. The $56-58 has been a stumbling block for the stock in the past, but October's trading volume should have consumed most of what is left of supply in this range.
BWP: A low key advance has finally seen this push past $19 resistance. The current pullback has set up a low risk entry. Stops can go on a loss of $19.75. Consider this a slow burner.
NPT: Thinly traded and I am unsure if the large red candlestick from mid-February represents a tick error, or an actual trade. If true, then a test of this high looks probable, followed by some sideways action. For stop placement, look to the 50-day MA, or $12.50.
Trade Ideas
CRS: Working off the 20-day MA, with overhead trendline resistance around $87.50. Run stops on a loss of $82.50. Still looks in good shape to reach the point-n-figure target of $106.
CDNS: Can be a little wild on intraday volatility, but support at $17.50 looks good enough for stop placement. $18.25 is the resistance area to break. Project a move to $21, although the point-n-figure chart has a lower target of $19.50 on the menu.
X: Working support at the 50-day MA. Look to buy break of $59 (although weekly resistance more points to $60). Solid double bottom at $33.83/$33.45 from 2005 has reached its projected target of $57, so we are now looking at a measured move target to around $83. Point-n-figure chart suggests a target of $70. Take your pick.
GPRO: Small handle in the $49-51.50 range starting to push in favor of an upside break. Larger resistance at $52 still to contend with. Weekly chart show a broad, year long, ascending triangle. Projected move from this is towards $69. Stops go on loss of $48.
CSH: The January breakout has held up well in the face of market weakness. Current consolidation is knocking around the $26 to $28 range. A fast approaching 50-day MA has provided a launch pad in the past to further gains. Major resistance lurks at $30. Watch for a move to $47.
CSC: A break of $55 will likely trigger a series of GTC buy orders. Since the surge in October 2005 there has been a quiet drop in volume trading - setting the base up nicely. Stops can go on a loss of the 50-day MA, or $53. The $56-58 has been a stumbling block for the stock in the past, but October's trading volume should have consumed most of what is left of supply in this range.
BWP: A low key advance has finally seen this push past $19 resistance. The current pullback has set up a low risk entry. Stops can go on a loss of $19.75. Consider this a slow burner.
NPT: Thinly traded and I am unsure if the large red candlestick from mid-February represents a tick error, or an actual trade. If true, then a test of this high looks probable, followed by some sideways action. For stop placement, look to the 50-day MA, or $12.50.
Trade Ideas
