NEW BEARISH Plays
Ixia - XXIA - close: 13.90 change: -0.50
Stop Loss: 14.65
Current Gain/Loss: unopened
Entry on July -- at $--.--
Listed on July 31, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 909 thousand
New Positions: Yes, see below
Why We Like It:
XXIA is in the Internet software and equipment industry. The last four months have been a rough ride for XXIA. The stock collapsed from $22.50 to $14.00 from March to May. Shares managed a multi-week bounce that ultimately failed near the 50% retracement of the sell-off. Then the company issued an earnings warning in early July and shares plummeted again. This time the oversold bounce didn't get very far. Shares are poised to breakdown to new lows for the year.
We are suggesting a trigger to launch bearish positions at $13.40. If triggered our target is $10.25 but it could take a few weeks to get there.
Trigger @ 13.40
Suggested Position: short XXIA stock @ (trigger)