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:
HAS, BITA, CSX, MCHP, NWL, WOOF, VLO, TSO, JAH, ITT, WGO, BLMN, SAVE, CCMP
NEW BULLISH Plays
HollyFrontier Corp. - HFC - close: 47.55 change: +1.16
Stop Loss: 45.90
Current Gain/Loss: unopened
Entry on November -- at $--.--
Listed on November 25, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 3.8 million
New Positions: Yes, see below
Why We Like It:
HFC is in the basic materials sector. The company refines and markets gasoline, diesel fuel, jet fuel and other petroleum related products.
The stock has been consolidating under technical resistance at its simple 200-dma for the last few weeks. Today's display of relative strength (+2.5%) is a bullish breakout past this resistance and a new five-month high.
I am suggesting new bullish positions if HFC can trade at $47.75 or higher. Traders should note that HFC is likely to gap down tomorrow morning by 50 cents as shares begin trading ex-dividend tomorrow. Expect an open near $47.00 and wait to launch positions above $47.75. If triggered our target is $54.00.
FYI: The Point & Figure chart for HFC is bullish with a $60.00 target.
Trigger @ 47.75
Suggested Position: buy HFC stock @ (trigger)
- (or for more adventurous traders, try this option) -
buy the 2014 Jan $49.50 call (HFC1418a49.5) current ask $1.10