July 17, 2001 Breakout Candidates:
(Format is Symbol, Name, Resistance, Objective Target, Industry)
All charts are posted on the website.
momentumstockplays.com
AMEV--Applied Molecular--14.10--15.50--Biotech
ASCA--Ameristar Casino--18.75--20.50--Casino
ESI--ITT Education--46.25--50.00--Diversified
IEE--Integrated Electrical--10.00--11.00--Construction
PETM--Petsmart--See Chart--Retail
QMDC--Quadmed--See Chart--Software (Low Volume)
TUTR--Plato Learning--31.50--34.00--Diversified
ZOMX--Zomax--9.15--10.00--Business Services
Others to watch for Breakout: MHK ($36.00); PARS ($3.85-Risky); CMLS ($14.00); CF ($32.00-Slow)
Short Candidates:
CELG--Celgene--24.90--See Chart--Biotech
MIMS--Mims Corp--5.90--See Chart--Health Services (Inside Sticks-Stop @ $6.05)
URI--United Rentals--22.50--19.50--Rental Services
XL--XL Capital--76.50--70.00--Insurance
Inside Candlestick Pivots: CHB ($10.91-$11.00); XICO ($9.49-$9.75);
**In order for a Breakout to occur, the price must trade THRU its Resistance, not at it. The same applies to a Breakdown. It must trade THRU its Support, not at it. Objective Targets are where I think the prices could go IF they do well. AVOID playing any Breakouts that trade THRU Resistance the first 15 minutes after the open. In my experience, they usually pull back.
**Protect all positions, long and short, with Stops. I normally place a 5% Stop on all of my orders. As an example, if I purchase a stock for $40/share, I will place my Stop at $38. If the price increases, I will trail the increase with my Stop to lock in profits should the Breakout fail and pull back.
**Do your own due diligence before making any investments. I am not an Investment Advisor. |
