Wednesday, April 21, 2010

A couple interesting set ups!

Before moving to the main point of this post I would like to say a word about SLRC. I still think that SLRC is a very promising set up. In fact, it looks even better now that it has consolidated for a whole day below the $23.50 level and has close right at $23.50. However, I removed it from my watchlists today after discovering that SLRC is not marginable with TOS. So I will not be doing any trades in SLRC.

After two days without any positions or any trades, I now have two promising set ups on my focus list for tommorrow.

One of them is CELM. After rallying powerfully the recent selling in Chinese issues has finally take a toll on CELM. It has formed a beautiful flag pattern. I am lookin to go long on a move past $8.00 with a stop at $7.75 in the vicinity of today's low. Based on this per share risk my target will be $8.75. Here is the chart:




The other is MSPD. After staging a poweful breakout on volume two Friday's ago MSPD has now pulled back to support around the 20 day and 50 day MA's and previous resistance around $8.50. I will be looking to go long on a move past $8.70 with a stop at $8.20. Based on this per share risk my target will be $10.20. Here is the chart:


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