Missed Opportunities
Have you ever seen a stock that you
just knew was going to move higher, but you could not find a good entry? Looking
at a chart of Fuel Cell
(
FCEL |
Quote |
Chart |
News |
PowerRating), I am reminded of this concept.
Today’s
Watchlist:Â
(
INSP |
Quote |
Chart |
News |
PowerRating),
(
PWER |
Quote |
Chart |
News |
PowerRating),
(
CORV |
Quote |
Chart |
News |
PowerRating)
The low-level setup
traders out there might want to take a gander at Infospace
(
INSP |
Quote |
Chart |
News |
PowerRating). The
stock has been consolidating near a key resistance, a level that used to be
support. The more aggressive trader might want to take a look at INSP if it
breaks through this trouble zone. If it breaks out from this area, the next
resistance may be between 45 and 46, which is a low from the last consolidation
that we saw.Â
In the bigger picture, do
not forget to take a look at the weekly charts, to find other resistance areas.
Power-One
(
PWER |
Quote |
Chart |
News |
PowerRating) has
been consolidating near its all-time high. When looking for a consolidation near
a high, it’s key that the low of the pattern does not take out the breakout
level. At this point, we will watch for a move outside of the trading range. I
would prefer to see a move to the upside, since there is no overhead resistance.
If it breaks down, look for support near 154, 152, 150, and 145 3/4.
Corvis
(
CORV |
Quote |
Chart |
News |
PowerRating), a
recent IPO, continues to show weakness. It broke below another key short-term
support area on Monday. Below I have highlighted each of the upcoming support
levels. As it continues to head lower, look for it to test each of these areas.
The more conservative traders may want to wait for a move below the intraday low
from the IPO day, which was 73. Look for a closing move below this level on
strong volume, followed by a continuation day.
Until later,Â