In addition to tonight's new candidate, consider these stocks as possible trading ideas:
NFX - this energy stock is breaking out past resistance near $40.00 and its 50-dma.
TITN - the intraday bounce today looks like a bullish entry point.
DVR - a rally past its simple 150-dma could be a bullish entry point (use a trigger at $3.20)
NEW BULLISH Plays
Marvell Technology - MRVL - close: 16.02 change: +0.27
Stop Loss: 15.40
Current Gain/Loss: unopened
Time Frame: exit ahead of earnings in early March
New Positions: Yes, see below
Why We Like It:
Shares of MRVL have spent about nine months building a bottom under resistance near the $16.00 level. Now the stock is about to give birth to a bullish breakout past this key level. I am suggesting a trigger to open bullish positions at $16.35 with a stop loss at $15.40. If triggered our multi-week target is $19.00. However, keep an eye on the $18.00 area as potential overhead resistance.
FYI: The Point & Figure chart for MRVL is bullish with a $21.00 target.
Trigger @ 16.35
Suggested Position: buy MRVL stock @ 16.35
- or -
buy the Feb $17 call (MRVL1218B17) current ask $0.24
- or -
buy the May $17 call (MRVL1219E17) current ask $0.99
Entry on January xx at $ xx.xx
Earnings Date 03/01/12 (unconfirmed)
Average Daily Volume = 14.1 million
Listed on January 25, 2011