Complete Production Services - CPX - close: 33.51 change: -0.30

Stop Loss: 29.90
Target(s): 34.75, 37.25
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Company Description

Why We Like It:
CPX, an oil service stock, broke out to new two-year highs this past week. Shares are starting to consolidate lower. We want to be ready to buy a dip when it nears likely support at $32.00. I'm suggesting we use a trigger to open bullish positions at $32.00. More conservative traders could wait for a dip closer to $31.00 instead. We'll set our stop loss at $29.90. FYI: The Point & Figure chart for CPX is bullish with a $47 target.

Buy-the-dip Trigger @ $32.00

Suggested Position: Buy CPX stock @ $32.00

- or -

buy the June $35 call (CPX1118F35)

Annotated chart:

Entry on April x at $xx.xx
Earnings Date 04/21/11
Average Daily Volume: 2.2 million
Listed on April 28th, 2011