NEW BULLISH Plays
Corn Products Intl. - CPO - close: 56.00 change: +0.78
Stop Loss: 53.60
Current Gain/Loss: + 0.0%
Time Frame: 6 to 8 weeks
New Positions: Yes, see below
Why We Like It:
Investors are back to buying the dips in CPO. Last week traders were buying CPO on dips near its rising 40-dma. More recently CPO has found short-term support near $55.00. The stock looks poised to challenge its all time highs set in early May. I am suggesting we launch bullish positions now with a stop loss at $53.60. The $58.00 mark is probably short-term resistance but we'll set our first target at $59.90.
FYI: The Point & Figure chart for CPO is bullish with an $82 target.
Suggested Position: buy CPO stock @ current levels
- or -
buy the June $55 call (CPO1118F55) current ask $2.10
Entry on May 27 at $xx.xx
Earnings Date 07/25/11 (unconfirmed)
Average Daily Volume: 688 thousand
Listed on May 26th, 2011