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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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