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BREAKOUT WATCH-3/31/00

Short Term Trading Ideas: Stocks to Watch During the Day for Potential Breakouts.
DATE COMPANY SYMBOL CLICK FOR CHART
 3/31/00

I2 Technologies

ITWO

CHART

COMMENTS: The stock is down 35% since hitting an all-time high of 223.5 three weeks ago and is now sitting at critical support.  ITWO fell 6.50 yesterday to close at 129, just above its intraday low of 128.50. Support is at 129-132, a level that acted as resistance in January and early February, and provided support on 2/25.  Daily MACD gave a sell signal on Tuesday, daily RSI showed negative divergence at the 3/10 high and is falling, and both daily OBV and stochastics continue to move lower.  A sell short signal would be given on a break below 129, with support after a break at 115-116.6, 106, 97.7, and 89.5-91.3.  Resistance is at 148-151.5.           Day 1 on breakout watch

 3/31/00

Home Depot Inc

HD

CHART

COMMENTS:  HD hit an all-time high of 69.75 on December 31st, then entered a 2-month long correction, retracing 50% of its August-December rally.  The stock has rebounded over the past 3 weeks and is now within striking distance of its old highs.  The stock rose 1.06 to 69.56 yesterday morning, but drooped during the late day Dow selloff, ending the day down 1.50 at 67.  Short and long term technicals are improving: daily MACD gave a buy signal on March 17th, and daily and weekly OBV, RSI, and stochastics have turned up.  A buy signal would be given on a break above 69.75 to new highs, with resistance after a break at 74.7-75.1, and 80.  Support is at 65, 63.3, and 61.3.      Day 2 on breakout watch
 3/31/00 Baltimore Technologies BALT

CHART

COMMENTS:  A confirmed double top is in place on BALT's chart.  The stock has dropped sharply from a February 22nd high of 225 to yesterday's close of 140 and appears headed for a retest of the 3/21 intraday low of 126 (a level that marks the 50% retracement of the stock's rally from the 10/29 low to the 2/22 high).  Daily MACD gave a sell signal on March 23rd, and daily RSI, OBV, and stochastics are all moving lower.  A sell short signal would be given on a break below 126, with downside support after a break at 117, 110.3, and 100.2-103.5.  Resistance is at 148.2-150.7, and 159.3.      Day 1 on breakout watch
 3/31/00 Safeguard Scientifics SFE

CHART

COMMENTS: The stock's parabolic rise (from 47.2 to 98.9) from 2/28-3/17 has been followed by an equally steep decline. SFE fell 4.32 yesterday to close at 67.32 after trading as low as 65 intraday.  The stock now appears headed for a retest of support at 63.60, a level that provided resistance on January 3rd.  Short term technicals remain weak: both daily RSI and stochastics have fallen below 65 from overbought territory, and daily OBV has turned down and is falling.  A sell short signal would be given on a break below 63.6, with support after a break at 56 (acted as resistance in early December and again in late January), 53.2 (support in late December and resistance in early February), and 47.8-48.6.  Resistance is at 76.5 and 81-83.        Day 1 on breakout watch.
3/31/00  Johnson & Johnson JNJ

CHART

COMMENTS:  JNJ's countertrend rally attempt failed last week with the stock unable to move above resistance at 82, the 50% retracement of its previous leg down.  The stock gapped down at the open last Friday, ending the day down 7.75 at 72.25 after hitting an intraday low of 70.19.  Yesterday the stock lost 0.31 to close at 70.75 after trading in a narrow range of 71.63-70.31  intraday.  A retest of the March 7th 52-week low of 66.19 now appears likely.  A sell short signal would be given on a break below 66.19 to new lows, with support after a break at 62.8, 58.4, 57, and 55.1.  Resistance is at 76-77.50 and 79.3-80.3. .    Day 4 on breakout watch.

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Last modified: April 02, 2001

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