They’re At The Gate
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Intraday Trendlines for Daytrading Part I, is also available now.
Today’s Watchlist:
(
AFFX |
Quote |
Chart |
News |
PowerRating),
(
MEDI |
Quote |
Chart |
News |
PowerRating),
(
EMT |
Quote |
Chart |
News |
PowerRating),
(
MUSE |
Quote |
Chart |
News |
PowerRating),
(
DGX |
Quote |
Chart |
News |
PowerRating),
(
VRTX |
Quote |
Chart |
News |
PowerRating)
Affymetrix
(
AFFX |
Quote |
Chart |
News |
PowerRating) is still stuck
in a trading range, with the topside just over resistance. If it breaks out to
the upside, it will have some room to run. Set your alerts at 200 1/2 and 159
7/8. You may also want to consider playing bounces off the top and bottom of the
range.
MedImmune
(
MEDI |
Quote |
Chart |
News |
PowerRating) looked like it was breaking out intraday on
Tuesday, but it pulled back by the close. We’ll continue to watch for a closing
move above 77 1/4. Should this happen, we’ll then watch for a continuation
the following day, at which point entry points may be considered.
Embratel
(
EMT |
Quote |
Chart |
News |
PowerRating) makes its debut appearance on the Watchlist,
as a result of Wednesday’s low-level breakout. As always, we’ll have to watch
the price action into the close, because anything can happen intraday. If it
closes above resistance, set your alerts for tomorrow 1/4 to 1/2 point above the
intraday high, if you’re considering going long. Remember to note the two
upcoming resistance levels, as they may give an exit signal. Conservative
traders will want to set an alert near 32.
Micromuse
(
MUSE |
Quote |
Chart |
News |
PowerRating) tempted use by trading near its breakout
level for several days. Unfortunately, it decided to pull back before continuing.
Keeping with my strategy, we won’t make any predictions. The fact that it’s
consolidating near its recent high is a positive sign, so we’ll continue to
watch for a breakout. Set your alerts near 150 1/4, over both technical and
psychological resistance. Should it break out, we’ll watch for a move to the
next resistance level.
Quest Diagnostics
(
DGX |
Quote |
Chart |
News |
PowerRating) returns to the Watchlist as it
takes out its prior highs. My second favorite pattern is the triple top, and we
see one here. We see that Quest Diagnostics tested its highs twice before in
May. On Tuesday it took out this high. Now, we will watch for a continuation
move. Currently, it’s tracing out an inside day, as it trades within Tuesday’s
price. Look for strong volume today. Set your continuation alert at 74 3/4.
Vertex Pharmaceuticals
(
VRTX |
Quote |
Chart |
News |
PowerRating) broke out to new highs but
put in a failed continuation move. Fortunately, Vertex has not moved back below
the breakout level. If you are long, continue to watch for a break below this
key level. Otherwise, watch for a second continuation move. Note the recent high
volume.
Happy Trading,
Waiting in the Wings: Advanced
Fibrecom
(
AFCI |
Quote |
Chart |
News |
PowerRating) – Trading Range, another favorite pattern
Check back tomorrow
morning at 9:15AM EST for Trading the Open.