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:
KS, SPWR, LAMR, YHOO, ADSK, TXN, ALL, USB, BAC, MS, CSX, PBI, EHTH, P,
NEW BULLISH Plays
Seagate Technology - STX - close: 50.10 change: +1.33
Stop Loss: 47.95
Target(s): 57.50 or top of its channel.
Current Gain/Loss: unopened
Entry on November -- at $--.--
Listed on November 14, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 4.3 million
New Positions: Yes, see below
Why We Like It:
STX is in the technology sector. The company makes electronic data storage products (like disk drives and solid-state drives).
The company's most recent earnings report in late October was a miss but shares really didn't see much of a reaction to the report.
Traders bought the dip in early November and now shares are surging back toward their highs. Shares peaked in the $50.50-50.66 area in the second half of October. A breakout would be a new all-time high and could signal a race back toward the top of STX's long-term bullish channel (see weekly chart below).
I am suggesting a trigger to open bullish positions at $50.70. If triggered our target is $57.50 or the top of its weekly channel, whichever the stock hits first.
FYI: The Point & Figure chart for STX is bullish with a long-term $77.00 target.
Trigger @ 50.70
Suggested Position: buy STX stock @ (trigger)
- (or for more adventurous traders, try this option) -
buy the 2014 Jan $55 call (STX1418a55) current ask $0.74