New Plays, Wednesday, 02/09/2005
HAVING TROUBLE PRINTING?
| || New Plays || |
| None || IFOX |
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Infocrossing - IFOX - close: 18.39 chg: -0.87 stop: 19.51
Infocrossing, Inc. is a provider of selective IT outsourcing services, delivering the computing platforms and proprietary systems that enable companies, regardless of industry, to process data and share information within their business, and between their customers, suppliers and distribution channels. Leading companies leverage Infocrossing's robust computing infrastructure, skilled technical team, and process-driven operations to reduce costs and improve service delivery by outsourcing the operation of mainframes, mid-range, open system servers, networks and business processes to Infocrossing. (source: company press release)
Why We Like It:
Tech services stock IFOX has been climbing since its August low in a very wide and volatile channel. IFOX just failed at the top of this channel with a bearish engulfing candlestick pattern. The candlestick pattern is normally a reversal pattern and when combined at the top of a trend with overhead resistance it makes a very compelling entry point for shorts. Technicals are also rolling over and its MACD is suggesting a new sell signal soon from overbought levels. We want to short IFOX here and target a drop to the $16.00 mark and/or the bottom of its channel depending on how fast it declines.
Picked on February 09 at $18.39
Change since picked: - 0.00
Earnings Date 03/14/05 (unconfirmed)
Average Daily Volume: 277 thousand