It’s amazing what a couple of days can do, isn’t it? I had loads of stocks come up in my scan this morning – obviously not all of them were ideal for my style of trading but I’ve got a few to share that look the goods.
Due to risk restrictions on my portfolio, I won’t be able to enter all of these unless I can either move some stops up very soon, get stopped out of an existing position, or decide to cut out some dead wood. Yes, I’m looking at you, $BLW.
To recap my trading style please check out the beginning of this post.
Please click on charts for better detail.
$CP has come up in my scans for the last couple of weeks but with that previous spike high I was a little cautious. However, that’s clearly no longer an issue but you have to bear in mind that this is a weekly chart, and the week is not yet over. Ideally I’d like to see the week close above the spike high. However on the daily chart of $CP you can see a clear break out of congestion which gives me more confidence for continued strength.
I’ll be setting my order for $91.90, with a stop at $79.50.
I’ve shown you $MAT on a daily chart, because even though it’s $7.00 away from its original break-out, this last gap to a new high is pretty perfect. You’ll notice that it’s been consolidating since mid-July, and has popped up into a new range in a burst of pent-up energy. As an added bonus, there was a nice increase in volume to confirm the move.
Because of the tight stop available here, I’m inclined to set my order quite close – around $37.35, with a stop under the range at $34.00.
$WSM is another exciting chart. It’s manged to break through a strong resistance level at around $45, which has been touched four times prior to this move. On the daily chart you can see a gap through the previous more minor resistance and price really hasn’t looked back from there.
I’ll be looking for entry above yesterdays candle high at $47.99, with a stop around $42.50 under the last swing low visible on the daily chart.
$VR has had a rather boring existence up until now. It’s pretty much plodded along at a steady pace its whole life, but around September last year it decided to aim for something rather more exciting – and because a change is as good as a holiday, why not a brand new high? The interesting thing about this chart is that on the daily you can clearly see it picking up acceleration – and given its new lease on life has propelled it into uncharted territory, I’m interested to see where it goes to from here.
I’ll be putting my order in at $36.50, with a stop around $32.30.
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