NEW BULLISH Plays
Loews Corp. - L - close: 45.64 change: +0.02
Stop Loss: 44.45
Current Gain/Loss: +0.0%
Entry on May 08 at $--.--
Listed on May 07, 2013
Time Frame: 9 to 12 weeks
Average Daily Volume = 1.3 million
New Positions: Yes, see below
Why We Like It:
Loews is a conglomerate of various businesses. There is an insurance company, an oil drilling company, oil exploration and production, oil and gas pipelines, and the hotel and resort business.
Both the energy and insurance industries have been showing relative strength in the market, which has helped boost L to a new multi-year high.
The stock's bullish breakout past resistance near $45.00 paves the way for a run towards $50.00.
I am suggesting new bullish positions now but I am suggesting we keep our position size small. Our multi-week target is $49.50 and we may need to be patient. Shares of L don't usually move that fast. FYI: The Point & Figure chart for L is bullish with a $58 target.
Suggested Position: buy L stock @ (the open)