Trade Ideas: PFWD, NPP, GXM, INVX, PFB, TXCO, OPTN, MEOH
With the markets rolling over in afternoon trading it could be a tough week for the following 8 stocks. It took the software about 75 minutes to produce 8 potential candidates; very little breadth to this market, better to be cash conservative.
PFWD: Nice follow on push, from break of $9.75 resistance. Effectively, operating in a band of resistance from $9.75 through to $10.75; perhaps better watch list material (for break of $10.75). Decent volume buying as seen on a weekly chart. Projected target of $15.
NPP: Break of $15.20 resistance on increased volume. Stops can go on a loss of $15, or the 50-day MA (whichever is higher). Look for move to $20.
GXM: Lingering around $23.50; a resistance level from Fall 2005. A break of this price brings $27 into range. Trades volume in spurts. Stops can go on loss of $23 or the 50-day MA (to give the trade a little more room). Watch for Golden Cross in the 50-day/200-day MA.
INVX: Holding $4.40 support well. Small handle as part of a ranged base between $4.00-$4.60. Resistance at $5.00 and $5.50. Stops can go on loss of 50-day MA.
PFB: Broad base pattern with the 50-day MA acting as support. Weekly chart shows tight coiling action which should break in the direction of the trend (i.e. up). Stops can go on loss of $30.
TXCO: Bullish engulfing pattern on a PPO "buy" signal. Stops on loss of $10.00. Should be possible for fills around $10.55. This looks to be the best of the bunch. Watch for measured move to $14. Stock of the day.
OPTN: Scrappy action around the 50-day and 200-day MAs. Yesterdays upside break gives the edge to the bulls. Test of $14.50 best bet for short term traders. Point-n-figure target of $18.50 looks reasonable, but this basing action could go on for longer.
MEOH: Aggressive buy at 50-day MA. Stops go on loss of $20. Stock is consolidating gains from $13 to $22. If this was to develop into a measured move then look for $28 or so. Point-n-figure chart holds to a $38.50 price target.
Trade Ideas
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PFWD: Nice follow on push, from break of $9.75 resistance. Effectively, operating in a band of resistance from $9.75 through to $10.75; perhaps better watch list material (for break of $10.75). Decent volume buying as seen on a weekly chart. Projected target of $15.
NPP: Break of $15.20 resistance on increased volume. Stops can go on a loss of $15, or the 50-day MA (whichever is higher). Look for move to $20.
GXM: Lingering around $23.50; a resistance level from Fall 2005. A break of this price brings $27 into range. Trades volume in spurts. Stops can go on loss of $23 or the 50-day MA (to give the trade a little more room). Watch for Golden Cross in the 50-day/200-day MA.
INVX: Holding $4.40 support well. Small handle as part of a ranged base between $4.00-$4.60. Resistance at $5.00 and $5.50. Stops can go on loss of 50-day MA.
PFB: Broad base pattern with the 50-day MA acting as support. Weekly chart shows tight coiling action which should break in the direction of the trend (i.e. up). Stops can go on loss of $30.
TXCO: Bullish engulfing pattern on a PPO "buy" signal. Stops on loss of $10.00. Should be possible for fills around $10.55. This looks to be the best of the bunch. Watch for measured move to $14. Stock of the day.
OPTN: Scrappy action around the 50-day and 200-day MAs. Yesterdays upside break gives the edge to the bulls. Test of $14.50 best bet for short term traders. Point-n-figure target of $18.50 looks reasonable, but this basing action could go on for longer.
MEOH: Aggressive buy at 50-day MA. Stops go on loss of $20. Stock is consolidating gains from $13 to $22. If this was to develop into a measured move then look for $28 or so. Point-n-figure chart holds to a $38.50 price target.
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.
