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Tuesday, April 24, 2007

Breakout Stocks -Watchlist

IR is testing resistance for the 3rd time. It has so far been supported nicely by 50MA with higher lows.

Warning: Earnings to be announced this Fri, BMO. I would personally do a day trade if there is valid breakout or wait till after earnings to do a swing trade on pullback if it gaps up on earnings. I DO NOT recommend holding the position over earnings.

Likewise for WAT, which has been trading in a narrow range since April. I suspect the breakout will come on 24/4, Tue, as it is announcing earnings BMO.

LVS has been making higher lows and lower highs, forming a triangle. Watch for breakout. Earnings on 7 May.


Blogger teapot said...

how do u fish for a good stock to buy?? any secret behind??

10:58 PM  
Blogger Simply Options Trader said...

Hi Teapot,
Create a watchlist so that you can monitor closely. To do that, you can use stockfetcher.com to create your own scans or use their pre-selected filters. This is a free tool. There are also many other scanning tools out there e.g. MSN, stockcharts.com, prophet.net etc.

To answer your question very simply, you need to study the chart and know the support and resistance. No shortcuts.

4:26 PM  

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