Additional Trading Ideas:
In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these may need to see a break past key support or resistance:
NS, XLNX, CMA, WFC, CCE, USB, GNW, KEY, XON, CRZO, DMND
NEW BULLISH Plays
Sierra Wireless Inc. - SWIR - close: 24.29 change: +0.16
Stop Loss: 23.40
Current Gain/Loss: unopened
Entry on March -- at $--.--
Listed on March 18, 2014
Time Frame: 6 to 8 weeks
Average Daily Volume = 857 thousand
New Positions: Yes, see below
Why We Like It:
SWIR is a wireless communication company. They offer hardware, software, and services for connected devices and machine-to-machine (M2M) communications.
SWIR reported earnings in early February and warned for the first quarter. The stock sold off for a few days but a week late SWIR was bouncing from support near $18.00. The stock is now up four weeks in a row and working on its fifth.
The last week and a half look like a sideways consolidating and SWIR is on the verge of breaking out again. Today's high was $24.36. I see short-term resistance near $24.50. We're suggesting a trigger to open small bullish positions at $24.55. More conservative investors may want to wait for a rally past Monday's high of $24.84 as an alternative entry point. The January highs near $26.35 could be potential resistance but we're aiming for $29.75. The Point & Figure chart for SWIR is bullish with a $42.50 target.
Trigger @ 24.55
Suggested Position: buy SWIR stock @ 24.55