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BREAKOUT
WATCH
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Short
Term Trading Ideas: Stocks to Watch During the Day for Potential
Breakouts.
NOTE: Breakout Watch will not be
published on Thursday 4/27.
|
| DATE |
COMPANY |
SYMBOL |
CLICK
FOR CHART |
| 4/26/00 |
McDonalds Corp |
MCD |
CHART |
| COMMENTS:
McDonalds has risen 31% from its March 10th 52-week low of 29.81 and is
now testing resistance at 39-39.75 (the 50% retracement of its 11/98-3/99
decline). Additional resistance exists at 40.1, the 200 day
moving average. Daily MACD gave a buy signal on Friday, daily OBV
and RSI have turned up, and daily stochastics has risen above 40 from
overbought. A buy signal would be given on a break above 40.1, with
the next resistance then at 43.7-44.3, 45.5, and 46.8. Support is at
37.2-37.7. Day 2 on breakout watch |
|
4/26/00
|
Exodus Communications |
EXDS |
CHART |
| COMMENTS:
Exodus is down over 50% from
its March 23rd all-time high of 179.63 and is now testing important
support at 75-77, a level that provided support throughout December and
January, and again on April 17th. The stock gapped down at the open
on Monday and continued its slide yesterday, dropping 4.12 to close at
78.38 after trading as low as 74 intraday. The stock has additional
support at 73.13, the bottom of the gap formed on 12/8/99. Short
term technicals continue to weaken: daily MACD remains on its April 6th
sell signal, daily OBV has turned down sharply, and both daily RSI and
stochastics are at new lows. A sell short signal would be given on a
break below 73.13, with the next support then coming at 65, 58.2, and
53.7. Resistance is at 82.3 and 91.7. Day 1 on breakout watch |
| 4/26/00 |
Glaxo
Wellcome Inc |
GLX |
CHART |
| COMMENTS:
Glaxo has formed a solid
bottom and appears ready to break out to the upside. The stock
jumped 2.75 yesterday to close at 63.75, just above resistance at 63.25,
after trading as high as 64.44 intraday. A close above yesterday's
intraday high would confirm the long term double bottom that has formed on
the stock's chart, and would give a buy signal. Daily OBV is at a
new high, and daily RSI and stochastics have turned up. Resistance
after a break would be at 68.6, 70.7, and 76.1. Support is at 60.3,
57, and 55. Day
1 on breakout watch |
| 4/26/00 |
Duane
Reade Inc |
DRD |
CHART |
| COMMENTS:
DRD has formed a solid base over the past 5 months and now appears headed
for a retest of resistance at 30.1, the February 4th intraday high. The
stock gained 0.56 yesterday to close at 28.75, the 62% retracement of its
8/99-12/99 leg down. Technicals are improving: daily MACD gave a buy
signal on April 12th, and daily stochastics, OBV, and RSI have been rising
steadily since early March. A buy signal would be given on a break
above 30.1, with resistance after a break coming at 34.6-35, and 39.
Support is at 27.3-27.6, and 26.3. Day
1 on
breakout watch. |
| 4/26/00 |
Adobe
Systems Inc |
ADBE |
CHART |
| COMMENTS:
Adobe jumped 15.25 yesterday
to close at 120 after hitting an intraday high of 121.50. A retest
of the April 7th all-time high of 125 now appears to be in order.
Short term technicals are mixed: daily OBV is at a new high, but RSI is
trending lower. A short term buy signal would be given on a break
above 125, with resistance after a break coming at 131, 134.3, 142, and
146.4. Support is at 115.8, 111.4, and 106. Day
1 on breakout watch. |
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