Weekly Trading Ideas (4/20/2009)

Sunday, April 19, 2009

Worth watching for a breakout through $265 or failure through $230. Failure seems likely based on recent action. Stock had nice move off $200 and is basing yet acting weaker after double topping at the 200-day moving average. Downtrends on the 5 and 15-minute offer stops on short entry through $230 area.

OIH popped through $88 Friday possibly signaling a new uptrend in oil service companies. SLB looks to offer a compelling long out of a long consolidation base. All moving averages on the 5, 15 & 60-minute turned higher showing upside momentum. Pivot long through $48 area.

Recent IPO offers a compelling long against $26 support level. Buy against $26 for move through highs and continued upside momentum. Very tight stop, possible unlimited reward.


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