Bounced-Daq
The Nasdaq has been coming back all day. The futures reversed and headed higher,
taking all the techs with it.Â
Daytraders should focus on biotechs, there have been many reversals.
Today’s Watchlist:Â
(
CYMI |
Quote |
Chart |
News |
PowerRating),
(
FORR |
Quote |
Chart |
News |
PowerRating),
(
EXTR |
Quote |
Chart |
News |
PowerRating),
(
MRVC |
Quote |
Chart |
News |
PowerRating)
Cymer
(
CYMI |
Quote |
Chart |
News |
PowerRating) gapped up to test resistance on Wednesday.
Despite the strong volume today, it’s still not been able to move above this
level. Watch for a move back above resistance for a potential breakout. Look for
more resistance near the mid-April highs. Earlier this week it bounced and found
support at the 50-day, which it was unable to conquer for several months. Also
note that it filled the gap from early June.
Forrester Research
(
FORR |
Quote |
Chart |
News |
PowerRating) broke out in May and headed higher for several
days, only to slowly die and give back its gains. On Wednesday it’s testing the
same resistance level that it broke two months ago. Watch for another move above
this key level to provide a short-term opportunity. Look for resistance above
this point near the June highs.
Extreme Networks
(
EXTR |
Quote |
Chart |
News |
PowerRating) is tracing out a high-level
ascending triangle on the daily charts. Despite the one false breakout to new
highs, I’m adding it to the Watchlist. These false breakouts sometimes
foreshadow events to come. Watch for a breakout above the top of the triangle
and another move above the all-time high.
Â
MRV Communications
(
MRVC |
Quote |
Chart |
News |
PowerRating) pulled back to the breakout level on Wednesday
and quickly found support. Like many of the techs it rallied off its lows. This
move has returned it to its near-term consolidation on the daily charts.
Daytraders and swing traders should both watch for moves outside of the
near-term consolidation. Swing traders may prefer to wait for a new closing high
or a closing low outside of the range and to enter on a continuation move.Â
Until later,Â
Check back at 2:00PM ET
for Trading the Techs PM.