Trade Ideas: TOT, CFC, APOG, SHI, HMSY, CAO, FRK, ROST
Data taken from the last minute of the trading day; all 8 stocks covered 1 minute of the Trade Ideas processing time.
TOT: Rising from a reversal head-and-shoulder pattern (shoulders c$126, head at $123). Looks in good shape to test $139 resistance. Projected target of $152. Stops go on loss of $131.
CFC: Decent break of $37 resistance. Larger resistance at $39. Projected target of $43. Stops can go on loss of most recent reaction low, or below a trendline drawn to connect reaction lows from February. This stock was featured in my Subscriber newsletter for April 3rd.
APOG: Declining wedge which has yet to break resistance. Holding 50-day MA, but plenty of daily volatility. Cautious buyers should wait for solid volume break of $18.50. Weekly chart supports a decent uptrend with good support at the 40-week MA. Point-n-figure target of $24.50 looks reasonable.
SHI: Found support at the 50-day MA, but this ADR has come off some heavier volume selling and looks to be mapping a relief bounce. Point-n-figure chart holds to a $43 price target.
HMSY: Current pullback is fighting for support at the 50-day MA. Resistance at $9.00. Stops can go on a loss of $8.00 (yesterday's reaction lows). A break of $9 would set this free. Point-n-figure chart shows a double top breakout from March 29th with a price target of $15.50.
CAO: Bullish engulfing pattern, but certainly an odd one to fit my scan parameters. Relief bounce to $15 looks best bet, maybe as far as to close the breakdown gap at $15.75. Likely to struggle beyond that.
FRK: Hugging the 50-day MA in light trading. Key resistance at $59 fast approaching. Weekly chart shows decent consolidation. Look for measured move to $99. Point-n-figure chart favors a more modest target of $68.
ROST: Small handle forming above $28.50 support (stops can go on a loss of these lows). Resistance at $31 will be the first test. Point-n-figure chart holds to a bearish target of $15.00 - it will take a move to $32/33 to negate this. Upside target range is $46-50.
Trade Ideas
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TOT: Rising from a reversal head-and-shoulder pattern (shoulders c$126, head at $123). Looks in good shape to test $139 resistance. Projected target of $152. Stops go on loss of $131.
CFC: Decent break of $37 resistance. Larger resistance at $39. Projected target of $43. Stops can go on loss of most recent reaction low, or below a trendline drawn to connect reaction lows from February. This stock was featured in my Subscriber newsletter for April 3rd.
APOG: Declining wedge which has yet to break resistance. Holding 50-day MA, but plenty of daily volatility. Cautious buyers should wait for solid volume break of $18.50. Weekly chart supports a decent uptrend with good support at the 40-week MA. Point-n-figure target of $24.50 looks reasonable.
SHI: Found support at the 50-day MA, but this ADR has come off some heavier volume selling and looks to be mapping a relief bounce. Point-n-figure chart holds to a $43 price target.
HMSY: Current pullback is fighting for support at the 50-day MA. Resistance at $9.00. Stops can go on a loss of $8.00 (yesterday's reaction lows). A break of $9 would set this free. Point-n-figure chart shows a double top breakout from March 29th with a price target of $15.50.
CAO: Bullish engulfing pattern, but certainly an odd one to fit my scan parameters. Relief bounce to $15 looks best bet, maybe as far as to close the breakdown gap at $15.75. Likely to struggle beyond that.
FRK: Hugging the 50-day MA in light trading. Key resistance at $59 fast approaching. Weekly chart shows decent consolidation. Look for measured move to $99. Point-n-figure chart favors a more modest target of $68.
ROST: Small handle forming above $28.50 support (stops can go on a loss of these lows). Resistance at $31 will be the first test. Point-n-figure chart holds to a bearish target of $15.00 - it will take a move to $32/33 to negate this. Upside target range is $46-50.
Trade Ideas
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