AptarGroup Inc. - ATR - close: 33.44 change: +0.69 stop: 29.95
ATR's rally continued into Friday and the stock managed to breakout over technical resistance at its 50-dma. Shares are now up five days in a row so it's probably time to expect some profit taking. A 38.2% pull back of its five-day run would be the $31.35 area. A 50% pull back would be around $30.70. Wait for a dip if you're looking for a new entry point. The stock is up more than 8% from our entry point. More conservative traders may want to do some profit taking. Our target is the $34.50 mark.
Broadcom - BRCM - close: 15.31 change: -0.70 stop: 14.24
BRCM displayed relative weakness on Friday with a 4.3% decline. I didn't find any specific news to account for the drop. This should make traders cautious and more conservative traders may want to exit early right here to avoid taking any losses. While ideally BRCM should bounce from current levels I am expecting a drop back toward the $14.50 region. We're not suggesting new positions at this time but a bounce from $14.50 may be a new entry point. BRCM has already achieved our first target at $16.00. Our secondary, more aggressive target is $17.50.
F5 Networks - FFIV - close: 24.90 change: -0.65 stop: 23.49
FFIV's rally stalled a bit on Friday as the stock approached resistance near $26.00 and its 200-dma. We knew this might be a challenge for the stock. The short-term trend is still up but we would expect a correction as FFIV builds up more steam to try and breakout past $26.00. Look for a dip and then a bounce near $24.00 or maybe the $23.00 level. If FFIV actually pulls back to the $23.00 level then we'll be stopped out at $23.49. Our target is $27.50. FYI: The P&F chart is bullish with a $42 target.
Marshall & Ilsley - MI - close: 15.45 change: +1.13 stop: 13.95*new*
It was the financial sector that lead the market higher last week. The rally in MI continued on Friday and the stock added another 7.8% and broke past short-term resistance in the $14.75-14.80 zone. Shares of MI are up almost 16% from our entry point and readers are strongly encouraged to take some money off the table here. We are raising our stop loss to $13.95 and we're adjusting our exit target from $16.00 down to $15.85. We are not suggesting new bullish positions at this time. Remember, readers should seriously consider exiting right here.
NetApp Inc. - NTAP - close: 13.50 change: +0.05 stop: 12.34 *new*
The short-term trend in NTAP remains positive and last week's breakout over $13.00 was a victory for the bulls. However, we are expecting a dip. Broken resistance at $13.00 should now become new support but it wouldn't surprise us to see NTAP pull back toward the $12.75 region. We are adjusting our stop loss to $12.34. Wait for the dip and then signs of a bounce before considering new positions. We are listing two targets. Our first target is $14.25. Our secondary target is $15.50.
Molson Coors Brewing - TAP - close: 44.47 change: +0.16 stop: 41.75*new*
TAP is still slowly channeling higher. In spite of the market's bullishness last week TAP was unable to breakout over resistance at the $45.00 level and stay there. This is worrisome even though the trend is up. We're not suggesting new positions and we're raising our stop loss to $41.75. More conservative traders will want to strongly consider just exiting the play right here!
Our target is the $49.50 mark. However, we have to point out that the 100-dma and the exponential 200-dma could be overhead resistance. Currently the Point & Figure chart is bullish with a $56.00 target.
*We currently do not have any bearish play updates*