Arch Coal Inc - ACI
Shares of coal-producer ACI soared for a 7.6 percent gain on Thursday with volume coming in twice the average. The move was fueled by a positive earnings report from rival coal-miner BTU. The breakout over resistance at $36.00 is good news for ACI bulls and the strong earnings from BTU could ramp up investors' enthusiasm for ACI to turn in strong results as well. We are going to raise our stop loss to $33.00 and adjust our target to $39.00-40.00.
BP Prudhoe Bay - BPT
BPT continues to climb and is nearing our profit target/exit price at $55.00. Short-term traders may want to jump out ahead of the crowd on a move over $54.00. We are raising our stop loss to $47.99.
El Paso - EP
Traders bought the dip to broken resistance, now new support at the $10.60 level today. We're going to raise our stop loss to $10.29 near the 50-dma.
Encore Acquisition - EAC
ECA soared on Thursday with a three-percent gain and a new closing high. Volume was above average and the stock broke out over the $36.00 mark. As we predicted the move produced a new triple-top breakout buy signal on its P&F chart. Our trigger to go long was $36.10 thus the play is now open. Our short-term target is the $40.00 region.
Frontier Oil - FTO
Shares of FTO out performed the market indices and its peers in the oil sector with a 2.18 percent rally on Thursday. The breakout over resistance at $27.00 is very bullish. Our entry point was to go long at $27.05 yet FTO gapped higher this morning to open at $27.16. We will adjust our entry price to match today's open. Our short-term target is the $30.00 region.
Synopsys Inc. - SNPS
SNPS continues to consolidate sideways between $16.70 and $17.30. The lack of downward momentum is turning the short-term oscillators positive. Conservative traders may want to tighten their stop loss to maybe somewhere near the $17.50 region. We're going to leave our stop at $17.90 for now. Wait for a drop under $16.70 before considering new bearish positions.