Watch list for the week of 2.25.13:
LONGS:
CMG – Bounced off the ascending trend line and maintained volume support while working off overbought levels. Digesting under this long term descending trend line. I’m watching for heavy volume to clear this trend line and bring it higher. Extreme negativity associated with this name could help a short squeeze.
AMGN – Cleared this descending trend line on Friday. Watching for volume on Monday to lead a possible continuation move higher.
EXPE – Bounced of the 50ema on the daily and this rising trend line. Long entry is clearing Friday’s highs.
XRX – Bull flag just under volume resistance. Above average volume on Friday. I am watching for a continuation of increasing volume and a clear of Friday’s highs (the flag).
AZO – Chart is setup beautifully for a break higher from this descending channel, unfortunately with EPS early next week the trade likely won’t have the time to work.
CSTR – Price action has been consolidating right around this volume resistance level. Watching this bull flag for a move to gap fill at $59.00.
Breakout watch: These charts could be ready first thing on Monday to scream higher, but most likely will need some time to digest under these breakout levels. Watching for extreme volume to bring these higher.
TXN – Watching $34.30 for my buy trigger.
TAP – Would like to see this long term volume resistance level cleared on over 3,000,000 shares.
SHORTS:
BBRY – Closed below this ascending trend line. A test of the 200ema is a likely target.
AMZN – Pennant formation. Could be played on a break either way with volume. Risk / Reward has favor to the down side. Watching.
MON – Heavy selling volume last week. Would like to see lighter volume digestion during the beginning of this week and a failure of the 50ema, eventually filling the gap at $96.11. Secondary target of $92.50.
I’m breaking out,
@AffluenzaVirus
