Six Flags Entertainment - SIX - close: 51.56 change: +0.84

Stop Loss: 49.95
Target(s): 56.50
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
It's summer time and for many Americans that means it's amusement park season. SIX operates 19 parks from theme parks, to water parks, to zoological parks. Shares have been in rally mode for most of the month of June. The rally did stall near the $50 level but SIX has managed to keep pushing higher.

Today's move is not only a sign of relative strength but it also reverses the recent two-day slide. I want to see confirmation. The high today was $51.89. I am suggesting a trigger to open positions at $52.05. We'll use a stop loss at $49.95. Our target is $56.50. FYI: The Point & Figure chart for SIX is bullish with a $68 target.

Trigger @ 52.05

Suggested Position: buy SIX stock @ (trigger)

Annotated chart:

Weekly chart:

Entry on June xx at $ xx.xx
Earnings Date 07/24/12 (before the opening bell)
Average Daily Volume = 512 thousand
Listed on June 25, 2011