NEW BULLISH Plays
Gigamon Inc. - GIMO - close: 31.48 change: +1.52
Stop Loss: 29.45
Current Gain/Loss: unopened
Entry on January -- at $--.--
Listed on January 07, 2014
Time Frame: 4 to 8 weeks
Average Daily Volume = 256 thousand
New Positions: Yes, see below
Why We Like It:
GIMO is in the technology sector. The company makes products that monitor computer networking traffic. The stock has spent the last two months building a base under the $30.00 level. The rally over the past few days represents a bullish breakout past resistance and its 50-dma. Traders bought the dip this morning and GIMO soared to a +5.0% gain.
I do consider this a more aggressive, higher-risk trade. GIMO has clearly been volatile since it went public last year. I am suggesting small bullish positions at the opening bell tomorrow morning. We'll start with a stop loss at $29.45. Our target is $37.50 but I want to point out that the $35.00 level could be potential round-number resistance.
Suggested Position: buy GIMO stock @ (the open)