Trade Ideas: IRC, ALD, EFX, UBA, ELS, USM, PHO, ZF
Markets went someway (but is it enough?) to reverse much of yesterday's losses. Certainly, there was no shortage of potential stocks from the Trade Ideas scan to review. The current selection took 3 minutes of Software time.
IRC: Found support at the 20-day MA. Should have the momentum to reach $20, but this is a slow and steady mover.
ALD: Nice 3-week handle following early March's big volume gains. Cautious buyers will probably wait for a break of $30.50. Stops can go on a loss of $29.50. Point-n-figure chart target of $38.50 looks reasonable.
EFX: Confirmation of new support at $37.50. Stops can go on a loss of today's lows or the 50-day MA. The small handle still has resistance at $39 to deal with. Look for a move to $50.
UBA: Tightly packed action around $17-18. Recent volume action sides with the bulls. A move to $18.50 will trigger a breakout on the point-n-figure chart. Measured move to $21?
ELS: Pullback to $49 could have long side merits. Stops on a loss of today's lows. Point-n-figure chart has an ambitious target of $78. I would look to $60 first.
USM: Stuck inside the range of the large, heavy volume bar of range $56-60. Has value merits near the bars lows with a stop on a close below $56. Rally from $32.30 has started to see a worrisome drop in volume (=fewer market participants). The point-n-figure target of $85 might be a little too rich for this. Trail stops at the 40-week average; this has been excellent support.
PHO: Keep buying the dips from the black candlestick(s). Run stop at the 50-day MA (or on a loss of the most recent reaction lows). Not much historical data to work on for this 2005 IPO.
ZF: Another slow and steady performer. Stops on a loss of $5.43. Look for move to $8.50.
Trade Ideas
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IRC: Found support at the 20-day MA. Should have the momentum to reach $20, but this is a slow and steady mover.
ALD: Nice 3-week handle following early March's big volume gains. Cautious buyers will probably wait for a break of $30.50. Stops can go on a loss of $29.50. Point-n-figure chart target of $38.50 looks reasonable.
EFX: Confirmation of new support at $37.50. Stops can go on a loss of today's lows or the 50-day MA. The small handle still has resistance at $39 to deal with. Look for a move to $50.
UBA: Tightly packed action around $17-18. Recent volume action sides with the bulls. A move to $18.50 will trigger a breakout on the point-n-figure chart. Measured move to $21?
ELS: Pullback to $49 could have long side merits. Stops on a loss of today's lows. Point-n-figure chart has an ambitious target of $78. I would look to $60 first.
USM: Stuck inside the range of the large, heavy volume bar of range $56-60. Has value merits near the bars lows with a stop on a close below $56. Rally from $32.30 has started to see a worrisome drop in volume (=fewer market participants). The point-n-figure target of $85 might be a little too rich for this. Trail stops at the 40-week average; this has been excellent support.
PHO: Keep buying the dips from the black candlestick(s). Run stop at the 50-day MA (or on a loss of the most recent reaction lows). Not much historical data to work on for this 2005 IPO.
ZF: Another slow and steady performer. Stops on a loss of $5.43. Look for move to $8.50.
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.
