Trade Ideas: CHH, Q, DLIA, GNCMA, TESOF, ORLY, JWN, WTFC

The current selection covered a 9 minute period of my scan. DLIA was the most regular, with 5 appearances in this period. Every other stock appeared only once.

CHH: After weeks of tight trading, the stock is finally pushing away from the 50-day MA. Volume has dropped off intraday, so be wary of a throwback to $46. Resistance at $49 is logical short term target.

Q: Stocks has congested into a narrow intraday range (looks to be a small pennant). Buy break of $7. Sell loss of $6.80. Flip stops other side. Look for a $1 move

DLIA: Breaking from a small three-day consolidation. Not much historic data to go on. Resistance at $9.60 looks to be the only stumbling block. Money flow rising and a PPO trigger "buy" gives this strong merits. Stop on loss of $9.00. Projected target of $12.

GNCMA: Marking another test of 50-day MA support? Steady uptrend in a relatively thinly traded stock. Watch for break of $12.50 as this will leave the stock at multi-year highs (even when the Y2K bust is included). Stock riding an ascending triple top breakout from February 23rd. Price target of $16.75.

TESOF: Hugging the 20-day MA. Recent triple top breakout on the point-n-figure chart. Price target of $24. Stops can go on a loss of the most recent reaction low at $16.42.

ORLY: Stock has nicely held support from the huge breakout in early March. Strong demand at $35 (place stops on a loss of this price). Only concern is the mature state of the rally. Look for test of psychological $50 resistance.

JWN: Gapped up over its 50-day MA. Perhaps the least favorable of the 8 picks in terms of risk:reward. Resistance at $43. Support at $38. Point-n-figure target of $65; move to $43 will trigger a triple top breakout.

WTFC: Looks to be shaping a handle off $59 resistance. Initial support at $57, but this could drop further given the handle is still in the early phase of development. Projected target of $69. There is some congestion in the low $56s which could be the likely lows of the handle (perhaps fish for GTC buy orders around here?).





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