FYI: Another stock I'm looking at that has a similar pattern is MTL, the Russian mining and metal producer. A dip near $12.00-11.80 might be a new entry point for MTL.
NEW BULLISH Plays
Ship Finance Intl. - SFL - close: 13.54 change: -0.01 stop: 11.70
Why We Like It:
Last week SFL broke out from a three-week trading range. Volume was way above average on the multi-day rally, which is a bullish clue. I am suggesting readers buy SFL on a dip at $12.80. More aggressive traders may want to jump in a little early above $13.00 instead. I'm using a wide stop at $11.70, which is just under the August lows. If triggered at $12.80 our first target is $14.80. Our second target is $17.00. Our time frame is several weeks.
Entry on August xx at $xx.xx <-- TRIGGER @ 12.80
Change since picked: + 0.00
Earnings Date 11/27/09 (unconfirmed)
Average Daily Volume: 499 thousand
Listed on August 25, 2009