NEW BULLISH Plays
Fiesta Restaurant Group, Inc. - FRGI - close: 36.12 change: -1.30
Stop Loss: 34.35
Current Gain/Loss: unopened
Entry on June -- at $--.--
Listed on June 20, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 238 thousand
New Positions: Yes, see below
Why We Like It:
FRGI runs what it calls "fast-casual" restaurants with its Pollo Tropical and Taco Cabana brands. The stock has been a big winner this year and was hitting all-time highs as of yesterday. The stock did pullback this morning but traders were buying the dip most of the day near the $36.00 level and its rising 10-dma. If shares can hold this level it could prove to be a new bullish entry point.
We are suggesting small bullish positions if FRGI can trade at $36.50. We'll use a stop loss at $34.35. More conservative traders may want to use a stop loss closer to the 20-dma (currently $35.40) instead). If triggered our target is $39.75.
NOTE: FRGI does have options available. If you are considering the options I would probably use the Septembers.
Trigger @ 36.50 *Small Positions*
Suggested Position: buy FRGI stock @ (trigger)