Trade Ideas: INVX

On paper, Thursday's gains looked good - but there wasn't the heavy volume to mark it as a follow through day or a day of strong accumulation. Todays' gains will likely be pegged back as bears take another crack on the bulls, but yesterday's lows should be strong support. There was no shortage of stocks on my Trade Ideas scan. One of the most frequent into the last hour of trading was Innovex (INVX).

Upside break of a declining channel as the stock held support of $4.65. A retest of this support level should manifest itself over the coming days with a confirmation "buy" trigger in the MACD trigger line. Although the point-n-figure chart shows no price pattern it does favor a price target of $11.50. Key resistance can be found at $13.00.

Innovex, Inc. provides circuit interconnect solutions to original equipment manufacturers in the electronics industry worldwide. It offers circuit applications and services from initial design, development, and prototype to fabrication, assembly, and test. Innovex addresses various applications for flexible circuits that include data storage devices, such as hard disk drives; and flat panel displays, including liquid crystal displays for mobile communication devices and large format plasma screens, tape drives, and printers.




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