Mixed market today with indices trading mostly sideways. Not unexpected after several days to the up side.
ASUR: Strong software stock coming from $4.00 last summer to $15.00 recently. It is in a strong up trending channel and after breaking out of a bull flag the stock ran to $15.40 It pulled back and found support at $13.00 The last week it has bounced off of support and moved back up to the recent high trading trading as high as $15.23 before closing at $14.95. The stock seems to have a lot of momentum and I wouldn't be surprised if it duplicates the move it made in May going from $10.00 to $15.40. A break above $15.50 and I think we will see a quick move to $17.50 (measured move) and then to the top of the channel at $19.00/$20.00.
CALA: Last week, the stock moved up to $17.40 and then pulled back sharply to support at $15.00 The last two days it has been back up trading to a high of $17.00 before closing at $16.55. I would look to go long over $17.40 with $19.00 as the price target.
CONN: Strong move on this stock today. After making a double top at $18.00 the stock pulled back to the break out level and held support at $15.00 Today it popped strongly trading as high as $17.70 and closing at $16.95. It needs to break through $18.00 with $22.00 and $27.00 as price targets. Short ratio, 8.8 days to cover so could add momentum to the trade.
COOL: Stock poked its head through the resistance level at $19.00 today, trading as high as $19.40 before closing at $17.68. It is a very thin trader and has big spreads. But, if it can trade through $19.40 with some conviction then $22.00 and $25.00 are the price targets.
FIVN: Stock broke out of a coil formation today making a new multi-year high. It traded as high as $22.39 closing at $22.23. If it trades through today's high then the mid channel level of $25 and upper channel at $29.00 are my targets.
ICHR: A stock I traded flat (got shook out) at $24.00 where I bought the break out. It did trade to a high of $24.91, closing at $24.17. Most likely, it consolidates in here but over $25.00 and it could run quickly to $27.00 and $29.00.
MTCH: Key break out day for this stock breaking above resistance at $20.00. It traded as high as $20.75 before pulling back and closing at (now) support at $20.04. A break above today's high and this stock is headed for $24.00 and then $28.00. Short ratio, 6.7 days to cover.
SORL: I don't think this stock is finished yet as, most likely, the shorts are piling on. It broke out to the up side today from a wedge formation trading as high as $9.74 closing at $9.27. If it trades through today's high with continued momentum then the price target is $12.00.
TRUP: On Friday the stock broke out above a multi-top resistance at $17.75ish. Today the momentum continued and it traded as high as $20.19 before closing near the top of its range and $20.05. I would look to go long over $20.20 with $22.00 as the first price target. The longer term trend line puts this stock at $30.00. Short ratio, 38.8 days to cover, so I don't think the short squeeze is over.
@Turbobob, would you say your ideal scanner paramters would lool something like. stocks greater than $1.50, but less than $20.00. stocks with market cap less than 1 billion. stocks float less than 100 million. days volume greater than 500,000. and maybe a 8 to 10% daily gain?
exactly what it looks like.
Hey Bob, do you care at all if the company you are trading is in a foreign country? I see a lot of companies in Bermuda, and China (Of course assuming that the volume and the market cap is good enough to trade them)
One of the problems with trading stocks that may trade on other exchanges is the price action might be affected by events you cannot see. Especially if you are trading chinese stocks, it is too dangerous to hold overnight unless your play is a play on what you are expecting the chinese market to do. Bermuda, or other tax havens not so much as their main market would be the US.
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