BREAKOUT
WATCH
|
| Short
Term Trading Ideas: Stocks to Watch During the Day for Potential
Breakouts.
|
| DATE |
COMPANY |
SYMBOL |
CLICK
FOR CHART |
| 11/13/00 |
General Motors Corp |
GM |
CHART |
| COMMENTS:
GM has been trending lower since hitting its highs in late April.
The stock's latest rally attempt was stopped on November 1st at the 38%
retracement of its 9/7/00-10/18/00 decline. GM is retesting its
October lows and looks ready to break to new 52-week lows. The stock
fell 2.25 on Friday to close at 55.63, just above its intraday low of
55.31 and within striking distance of support at its 10/18/00 52-week low
of 54.38. The 54-55 range also provided support in 12/98. Long
and short term technicals remain weak. Both daily and weekly OBV
have been in freefalls since May and are at new lows, daily and weekly
MACD and stochastics have turned down. Short and long term sell, or
sell short signals would be given on a break below support at 54-54.38 to
new multi-year lows, with the next downside support after a break at 49.6,
45-46, and 43-43.5. Resistance is at 59.6, 63.4-63.7, and 68.
Day
1 on breakout watch |
|
11/13/00
|
Walt Disney Co |
DIS |
CHART |
| COMMENTS:
DIS closed at its lowest
level since February on Thursday after hitting an intraday low of
30.81. The stock gained 0.56 on Friday to close at 31.69.
Strong support exists at 30.2-31, a level that acted as resistance in
August 1999, and provided support in January and February of this year,
and again on Thursday. Technicals continue to deteriorate: daily
MACD remains on its 10/17/00 sell signal, weekly MACD, OBV, RSI, and
stochastics are all in downtrends. A sell signal would be given on a
break below 30.2, with support after a break then at 28.5, 27.1, and
25. Resistance is at 33-33.6, 35.3, and 36.7-37. Day 1 on breakout watch |
| 11/13/00 |
Home
Depot |
HD |
CHART |
| COMMENTS:
HD tumbled 2.56 on Friday to
close at 36.25, near its lows for the day. The stock now appears
headed for a retest of 10/18/00 intraday low of 34.75. The
34.75-35.5 level also provided support in 1/99 and 8/99. Daily OBV,
RSI, MACD, and stochastics have all turned lower. Weekly MACD and
stochastics are at new lows, and weekly OBV has turned down sharply.
A sell short signal would be given on a break of long term support at
34.75, with the next support after a break at 32.6 (the 7/98 high), 29.9,
and 26. Resistance is at 39.6 and 43.8-44.2. Day
1 on breakout watch |
| 6/5/00 |
Metricom
Inc |
MCOM |
CHART |
| COMMENTS:
Metricom surged 8.63 on Friday on the strongest volume since mid-April to
close at 31.44, just below its intraday high of 31.50. A retest of
the resistance provided by the 4/26 intraday high of 32.13 is now
likely. Daily stochastics has risen above 35 from oversold
territory, and both daily RSI and OBV have turned up. A buy signal
would be given on a break above 32.13, with resistance after a break
coming at 37, 40.8, and 45.7. Support is at 27.2, 25.5, and 24.6.
Day 1 on
breakout watch. |
| 6/5/00 |
Transwitch
Corp |
TXCC |
CHART |
| COMMENTS:
TXCC jumped 12.19 on Friday
to close at 86.69 after hitting an intraday high of 90, its highest level
since May 1st. Resistance is at 93.50-95, a level that stopped rally
attempts twice in April and again on May 1st. Short term indicators
are improving: daily RSI and stochastics have turned up sharply and have
risen above 40 from oversold territory, and daily OBV has turned up.
A buy signal would be given on a break above 95, with resistance after a
break then coming at 101.5, and 110-112.9. Support is at 79.4-81.
Day
1 on breakout watch. |
| | |
