First, a look back at last week’s setups. Some worked, some failed, and some are still worth watching.
HYTM – Come on, man! Do something! HYTM keeps building on the pennant formation on decreasing volume. Indicators are slightly bearish, so I’m not going to take a bull position until we see a convincing volume move through .47.
NZ – This was a winner. Been swinging up with volume since added to Watch List.
CPST – Still in the triangle pattern from last week. Like HYTM, I will not swing or scalp until it breaks out of the pattern with volume. Once a position is taken a trailing stop is often a decent approach out of a triangle breakout.
RDN still setting up a nice little pennant. Worth watching for move.
FBC tried to turn back up last week. Still worth watching, but really needs to move strong with sector support.
DARA was a great winner for me – I scalped 1/2 of this move and sold the second 1/2 the next morning for some good gains. I do like that it held on to MA200 support on Friday – there might be another move up if this support holds.
LJPC was the perfect scalp on Thursday.
SGMO – Big winner last week on strong moves Wednesday – Friday.
DVAX tried to move on Wednesday, but ultimately failed. Still worth watching, but chart doesn’t have the attractiveness it had last week.
Few new to my Watch List:
DYAX – bouncing off bottom of channel with nice looking Full Sto/MACD. I might swing long with move over 3.40 : http://tweetphoto.com/7892039
BPAX – testing 1.45 with very tight bollinger bands / RSI14 at 50. Watching for breakout and move through 1.50.
KMKCF – low volume mineral play that has seen a lot of volume accumulation over the last few months. We’re experiencing a small consolidation here setting up for what looks like a possible move soon. I might take a small position on a move above 2.07 – swinging.
NGAS– channel trading right now. I’ll wait around and look for a move out of top of channel at 1.82 and play it long from there.
LOOK – A lot of chatter and plays from the Boom Factory around LOOK. There were definitely some great scalp opportunities. At this point, I’m playing this as a swing AFTER it moves out of channel only. Until then, it’s a scalp in my books. Watching closely tomorrow.
Also watching $GNVC. Have a great week and keep an eye on the BULL$ Blog – more trading ideas and stocks to watch are added almost every day.