In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these stocks may need to see a break past key support or resistance:
DOV, HAIN, IPGP, ASH, TUP, SI, XEC, INCY
NEW DIRECTIONAL CALL PLAYS
Open Text Corp. - OTEX - close: 90.56 change: +0.95
Stop Loss: 87.90
Current Option Gain/Loss: Unopened
Time Frame: exit PRIOR to February expiration
New Positions: Yes, see below
Why We Like It:
OTEX is in the technology sector. The company operates in the application software industry. The stock shot higher in early November on news that OTEX was buying GXS Group, a cloud services company, for $1.17 billion. Wall Street clearly likes the deal with OTEX up $15 since the announcement.
Traders have been buying the dips in OTEX and now the stock is breaking out past round-number resistance at $90.00. Today's high was $90.98. I am suggesting a trigger to buy calls at $91.05. If triggered our target is $98.50.
FYI: The Point & Figure chart for OTEX is bullish with a $107 target.
Trigger @ 91.05
- Suggested Positions -
Buy the FEB $95 call (OTEX1422b95) current ask $2.90
Entry on December -- at $---.--
Average Daily Volume = 325 thousand
Listed on December 19, 2013