NEW BULLISH Plays
Conns Inc. - CONN - close: 29.34 change: +0.82
Stop Loss: 27.85
Current Gain/Loss: unopened
Entry on February -- at $--.--
Listed on February 4, 2013
Time Frame: 4 to 6 weeks
Average Daily Volume = 416 thousand
New Positions: Yes, see below
Why We Like It:
CONN is a specialty retailer focused on selling consumer electronic devices.
The stock peaked in early January following its earnings report. Yet since then CONN has found support at $27.50 and not it's starting to break higher after a three-week consolidation.
Shares of CONN could see a short squeeze. The most recent data listed short interest at 36% of the small 26.3 million share float.
Today's high was $29.47. I am suggesting a trigger to open bullish positions at $29.55. If triggered our target is $33.50. More aggressive traders could aim higher.
FYI: The Point & Figure chart for CONN is bullish with a long-term $48.00 target.
Trigger @ $29.55
Suggested Position: buy CONN stock @ (trigger)