Post by DJF on Apr 7, 2004 20:53:59 GMT -5
From fallondpicks.com
April 7th: A quiet market, continuing yesterdays pullback. However, after hours news from YHOO should spark a nice jump tomorrow. Light volume holiday trading remains the controlling influence for the week. Other than security issues, TASR, VISG and IDNX, there was little of note today.
On my public stockchart list, GSS showed some strong buying in the absence of a news announcement. SSRI attempted a weak breakout on low volume, ending the day on an indecisive doji - this could go either way - the next move should be substantial based on recent tight trading. CGFW added an extra 2.93% on average volume to its recent bull flag breakout, negating yesterdays short term bearish top. CVNS built on yesterdays bullish hammer with an engulfing pattern on higher volume - a sizable break of $12.00 cannot be far away. LU showed some flair, closing up on heavier volume - its recent advance has a good 45 degree angle and strengthening technicals - don't discount this from making new 52-week highs in the coming months. SIRI's heavy volume, black spinning top, at resistance should put an end to its rally off the $2.60 double bottom. Look for sideways congestion to shake weak hands and profit takers before it breaks $4.20. Once breached, $4.20 should act as major support, GTC buy orders should then be raised to just above this price level. ADNW made a successful test of $3.00 support on low volume. Further declines to this price should be bought - place stops on a loss of $3.00. AKS held its recent triangle breakout and is consuming supply above $6.50, with excellent support down to $6.00. Weekly charts show a price target of $8.00, but PnF charts suggest a potential target of $13.00. Look for value in June $5 calls, ask at $1.75. AXO is only a few days away from its breakout of $4.00 - watch closely for volume cues. LRT threw in a 2-bar bullish reversal pattern - previous reversals of similar ilk have gone on to test prior highs, should this do likewise a quick 10% profit could be made by the nimble. REDF, although extended - looks ready to gap up again. The original gap breakout is resilient and sellers have been unable to make an impression to close it.
Flying under the radar is beat down MXO, sold off heavily on STX dissapointing earnings, but failed to make a new price low. Bullish divergence in MACD remains, and its chart is in much better shape than its competitor with decent support around $7.00 - but keep stops tight, PnF charts give a price objective of $4.00. Former darling of the bear market, NWRE, continued to show very strong technical strength. Today's hammer could mark the last opportunity to grap shares under $10.85 before closing the gap to $13.50.
In the penny sector, IPVO continued its see-saw gain, tacking on 12.61% on brisk trade - its up almost 50% from the highs of the prior congestion.
From my personal portfolio; AAC's low volume rise is a step in the right direction, but the real test remains at $1.05, keep on watch lists. CCI continues its sharp ascent, closing just shy of it near term resistance on above average volume (it just scrapped a new 52-week high). While CCI trades at resistance it is best kept on a watch list until $14.00 is broken on heavy volume (2.5m+). PWAV closed at the highs of todays range - negating the short term top marked by last Friday's black candlestick.
DD as always,
DJF
votes 91 hits: 1523
April 7th: A quiet market, continuing yesterdays pullback. However, after hours news from YHOO should spark a nice jump tomorrow. Light volume holiday trading remains the controlling influence for the week. Other than security issues, TASR, VISG and IDNX, there was little of note today.
On my public stockchart list, GSS showed some strong buying in the absence of a news announcement. SSRI attempted a weak breakout on low volume, ending the day on an indecisive doji - this could go either way - the next move should be substantial based on recent tight trading. CGFW added an extra 2.93% on average volume to its recent bull flag breakout, negating yesterdays short term bearish top. CVNS built on yesterdays bullish hammer with an engulfing pattern on higher volume - a sizable break of $12.00 cannot be far away. LU showed some flair, closing up on heavier volume - its recent advance has a good 45 degree angle and strengthening technicals - don't discount this from making new 52-week highs in the coming months. SIRI's heavy volume, black spinning top, at resistance should put an end to its rally off the $2.60 double bottom. Look for sideways congestion to shake weak hands and profit takers before it breaks $4.20. Once breached, $4.20 should act as major support, GTC buy orders should then be raised to just above this price level. ADNW made a successful test of $3.00 support on low volume. Further declines to this price should be bought - place stops on a loss of $3.00. AKS held its recent triangle breakout and is consuming supply above $6.50, with excellent support down to $6.00. Weekly charts show a price target of $8.00, but PnF charts suggest a potential target of $13.00. Look for value in June $5 calls, ask at $1.75. AXO is only a few days away from its breakout of $4.00 - watch closely for volume cues. LRT threw in a 2-bar bullish reversal pattern - previous reversals of similar ilk have gone on to test prior highs, should this do likewise a quick 10% profit could be made by the nimble. REDF, although extended - looks ready to gap up again. The original gap breakout is resilient and sellers have been unable to make an impression to close it.
Flying under the radar is beat down MXO, sold off heavily on STX dissapointing earnings, but failed to make a new price low. Bullish divergence in MACD remains, and its chart is in much better shape than its competitor with decent support around $7.00 - but keep stops tight, PnF charts give a price objective of $4.00. Former darling of the bear market, NWRE, continued to show very strong technical strength. Today's hammer could mark the last opportunity to grap shares under $10.85 before closing the gap to $13.50.
In the penny sector, IPVO continued its see-saw gain, tacking on 12.61% on brisk trade - its up almost 50% from the highs of the prior congestion.
From my personal portfolio; AAC's low volume rise is a step in the right direction, but the real test remains at $1.05, keep on watch lists. CCI continues its sharp ascent, closing just shy of it near term resistance on above average volume (it just scrapped a new 52-week high). While CCI trades at resistance it is best kept on a watch list until $14.00 is broken on heavy volume (2.5m+). PWAV closed at the highs of todays range - negating the short term top marked by last Friday's black candlestick.
DD as always,
DJF
votes 91 hits: 1523