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BREAKOUT
WATCH-5/3/00
|
| Short
Term Trading Ideas: Stocks to Watch During the Day for Potential
Breakouts.
|
| DATE |
COMPANY |
SYMBOL |
CLICK
FOR CHART |
| 5/03/00 |
Watchguard
Technologies |
WGRD |
CHART |
| COMMENTS:
WGRD has jumped 79% from the low of 30 it hit on April 17th, and is now
retesting resistance at 55.3-58. The stock bucked yesterday's market
downturn, rising 1.81 to close at 53.75 after trading as high as 56
intraday. Short term indicators are improving: daily stochastics has
risen above 35 from oversold territory, and daily RSI and OBV have turned
up. A buy signal would be given on a break above resistance at 58,
with resistance after a break coming at 62-63, 69.6, 73, and 79.
Support is at 50.9-51.2, and 48.5. Day
1 on breakout watch |
|
5/03/00
|
SBC Communications |
SBC |
CHART |
| COMMENTS:
SBC's latest rally attempt
failed and a retest of the April lows is now likely. The stock lost
2.25 yesterday, moving below minor support at 43, to end the day at 42.38
after trading as low as 41.75 intraday. Support is at the 4/18
intraday low of 40.44. Daily MACD gave a sell signal on Monday,
daily stochastics has fallen below 65 from overbought, and OBV has turned
down. A sell short signal would be given on a break below 40.44,
with a retest of the 2/23 low of 34.75 then likely. Resistance is at
43 and 45-45.4. Day 1 on breakout watch |
| 5/03/00 |
Johnson
& Johnson |
JNJ |
CHART |
| COMMENTS:
A confirmed double bottom is
in place on J&J's daily chart and the stock appears ready to move
higher. The stock gained 1.50 yesterday to close at 84.19 after
trading as high as 84.56 intraday. Resistance is at 84.4-85.6 (the
62% retracement of the stock's December-March leg down. Short term
technicals are improving: daily MACD remains on its 4/18 buy signal, daily
OBV and stochastics are rising. A buy signal would be given on a
break above resistance at 85.7, with the next resistance then at 90-90.4,
93.2, and 97. Support is at 81.9-82.4, and 78.4. Day
1 on breakout watch |
| 5/03/00 |
Excite@Home
Corp |
ATHM |
CHART |
| COMMENTS:
At Home's rally from the April lows has stalled out after running into
resistance at 20, and a retest of the 4/24 intraday low of 15.88 is now in
order. The stock lost 1.81 yesterday to close at 17.63, just above
its intraday low of 17.50. Short term technicals continue to
deteriorate, but are oversold. Longer term indicators are also
negative, with weekly OBV and RSI both at new lows. A sell short
signal would be given on a break below support at 15.88, with the next
downside support then at 13.7, 11.6, and 9.9. Resistance is at
20. Day
1 on
breakout watch. |
| 5/03/00 |
Tuboscope
Inc |
TBI |
CHART |
| COMMENTS:
Tuboscope crossed above its
200-day moving average and now appears likely to retest its 2000 high of
19.88, set on March 10th. The 19.2-19.8 level also provided support
on several occasions during mid-1998. Additional resistance exists
at 20.5, the 50% retracement of the stock's 10/97-3/99 decline. The stock
gained 1.50 yesterday to close at 18.88, its high for the day. Daily MACD
gave a buy signal on Friday, daily OBV is at a new high, daily stochastics
has risen above 40 from oversold territory, and daily RSI is in a sharp
uptrend. a buy signal would be given on a break above resistance at
20.5, with resistance after a break coming at 23-23.5, 26.4, and
27.6. Support is at 17.8 and 16.5-16.8. Day
1 on breakout watch. |
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