Additional Trading Ideas:
In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these may need to see a break past key support or resistance:
GE, CNW, GNW, STX, ANN,
NEW BULLISH Plays
Acorda Therapeutics - ACOR - close: 34.95 change: +0.73
Stop Loss: 33.40
Current Gain/Loss: unopened
Entry on June -- at $--.--
Listed on June 18, 2013
Time Frame: 3 to 8 weeks
Average Daily Volume = 315 thousand
New Positions: Yes, see below
Why We Like It:
ACOR is a biotech stock that is building on a bullish trend of higher lows. Today's session saw ACOR outperform the market with a +2.1% gain and a bullish breakout above its 50-dma, which had been technical resistance for the last few weeks.
You will notice on the chart that ACOR can be volatile.
The big rally back in April was a reaction to news regarding ACOR's Phase 2 data on its AMPYRA drug. The rally ran out of steam and ACOR eventually gave back all of its gains but the prior trend of higher lows remains intact.
I do consider this an aggressive, higher-risk trade. Biotechs can be very volatile due to headline risk. I am suggesting we keep our position size small.
We want to open bullish positions if ACOR trades at $35.30. If triggered our target is $39.00.
Trigger @ 35.30 *Small Positions*
Suggested Position: buy ACOR stock @ (trigger)