Friday, February 4, 2011

Stock Charts For Friday

I only had a few minutes to scan charts tonight, but I seem to be finding more short setups than long ones. Here are a few I will be watching on Friday...

Long Ideas
  • SNE - Nice solid up day on strong volume. I like Sony as a play on 3D in the home. Would consider a long on a break above 37, but would prefer to look for a pullback to 35.50-35.75 if we get it.

Short Ideas
  • COT - Price gapped lower back on Jan 19, falling back below the 8.50 breakout level. After falling to as low as 7.68, it has since rallied but is coming up to solid resistance between 8.35 and 8.50. Good risk/reward short here with a stop above 8.50. Support @ 7.50. A break back below 7.50 would setup a significant move lower.
  • MSCI - Price has been weak since the beginning of the year, and has since found some support here around 34. Decent short setup on a break below 33.75. Target 29.

No comments:

Post a Comment