Trade Ideas: GXP
No great moves in the markets as the long weekend approaches. My Trade Ideas scan was a little slower in picking 8 candidates, requiring 2 minutes of time. Utilities are a tour-de-force in a weak market and today's most active Trade Ideas scan pick belonged to an Electric Utilities firm, Great Plains Energy (GXP).
GXP is in the process of consolidating gains from $27 to $30. The stock has generated a small handle, facilitating the placement of stops at the loss of near term support ($29.78). This handle forms part of a 12-month base, generating a measured move target of $36. The point-n-figure chart shows no price pattern, but has a reduced target of $31.50. The 5.50% yield is a nice pay-day, especially if the company can maintain this yield as prices climb.
Trade Ideas
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GXP is in the process of consolidating gains from $27 to $30. The stock has generated a small handle, facilitating the placement of stops at the loss of near term support ($29.78). This handle forms part of a 12-month base, generating a measured move target of $36. The point-n-figure chart shows no price pattern, but has a reduced target of $31.50. The 5.50% yield is a nice pay-day, especially if the company can maintain this yield as prices climb.
Great Plains Energy Incorporated, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in the United States. The company also provides retail electricity supply services for commercial, institutional, and small manufacturing companies in California, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, and Texas. As of December 31, 2005, it served approximately 440,000 residences; 55,000 commercial firms; and 2,200 industrials, municipalities, and other electric utilities in 24 counties of western Missouri and eastern Kansas.
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.