Watching
Written on March 10, 2008 – 5:58 am | by admin
From OptionAddict.net’s Weekly Watch List:
Bearish:
- BIDU - Descending triangle for the last month. Floor is at 230. Once floor is broken, potential is in for a 50 point move to the downside.
- OSIP - Descending triangle for the last month. Floor is at 36. Once floor is broken, 5 point move to the downside.
- NUVA - Bear flag pattern. Broke previous neckline support at about 37. Forming a bear flag pattern right now, once it breaks out to the downside of 33.25, it is headed signifcantly lower.
- REG - Symmetrical triangle forming from mid-Dec 2007. Possible 15 point move to the downside if it breaks support at 57.
- LIFC - Series of lower highs and lower lows starting with the 48.28 high in mid-December. This stock rallied hard off of earnings recently and hit a ceiling when it got to its 50 MA. Set a stop level at 41 and watch as this turns back down towards its 200 MA where it found previous support. This gives a possible move of 4 points with a .5 point downside if you get in now 40.55.
Bullish (I am not bullish on the market whatsoever so these setups have to be REALLY enticing):
- FLS - Broke out at 100. Coming back to re-test that support level (currently 100.64).
- GILD - Flag pattern. See recent spike from 43 to 49. Now we are consolidating into a flag. Possible breakout of the flag leads to a 6 point move to the upside.
- RRC - Broke through previous high at 56 and is now retracing back down to this level. Slow stochastics is also headed down. Let’s see if it bases around 56.
- CALM - Another low-risk entry point at 31 (previous support). Currently at 33.14. Let’s see if it gets back down to the 31 area and presents a decent entry point.