Targeting TARO
Swing traders always have to be cognizant of alert zones for possible changes
of direction. When traders look at “profit targets,” most of the time
these are the areas they are looking out for. Yesterday we were tracking Taro
Pharmaceuticals
(
TARO |
Quote |
Chart |
News |
PowerRating):
Taro Pharmaceuticals
(
TARO |
Quote |
Chart |
News |
PowerRating) is hitting a 50% retracement from the May
low to the July high. TARO is up 1.19 to 38.19 and has a 3-month
relative strength ranking of 93 from TradingMarkets.com.
Five or six days ago, I was discussing TARO as a potential short,
which would have been profitable for around 10 points, depending on the time of
entry. However, given the strong reversal off the retracement, the stock could
have another probe toward the highs left in it.
TARO is up again today, so the next few days will tell.
Until tomorrow,