Here We Go Again
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Today’s
Insight
Let’s take a look at a
possible futures daytrade from yesterday. There were several potential entry
points.
In Trading the Techs PM, we’ll take our weekly look at the
Nasdaq Composite, as well as another look at a futures daytrade from this
morning.
Today’s Watchlist:
(
ADBE |
Quote |
Chart |
News |
PowerRating),
(
CRGN |
Quote |
Chart |
News |
PowerRating),
(
DMIC |
Quote |
Chart |
News |
PowerRating),
(
WPI |
Quote |
Chart |
News |
PowerRating)
Adobe Systems
(
ADBE |
Quote |
Chart |
News |
PowerRating), which often appears on the Watchlist, set a new
intraday high on Thursday. On Friday morning, Adobe retraced to the breakout
level, where it has found support so far. Set your alerts near 135 1/4 and watch
for a breakout. While more aggressive traders and daytraders may consider using
a first continuation for an entry point, more conservative traders may want to
wait for a pullback following an initial breakout.
As I’m writing this article, ADBE hit 137.
Â
With biotechs hot again, it’s time for us to add some to our
list. Curagen
(
CRGN |
Quote |
Chart |
News |
PowerRating) may be setting up for a potential low-level breakout.
Look for a move above the base to the next resistance level. Swing traders may
want to wait for a closing low-level breakout followed by a continuation move.
I’ve highlighted the area that I’m watching below. Look for a close above 41,
followed by a possible move to 44 1/2. Let’s also set another alert at 48, above
the near-term top.
Digital Microwave
(
DMIC |
Quote |
Chart |
News |
PowerRating) touched resistance Friday morning
after breaking its near-term downtrend. Near-term support held strong again on
Thursday just under 35. Now we’ll watch for a move above resistance to signal a
potential low-level breakout. To be conservative, we’ll set our alerts at 40.
More aggressive traders should set their alerts near 39 1/8. Watch for possible
resistance near 41, where DMIC had trouble on June 21 and 22.
Watson Pharmaceuticals
(
WPI |
Quote |
Chart |
News |
PowerRating) has traced out a bullish
triangle on the daily charts. Set your alerts at 55 5/8 as we watch for a
breakout. Look for strong volume on the breakout day.
Until later,Â