Current Trade Idea Updates
Corning (GLW)
Charts provided by FreeStockCharts.com
View Chart »View in New Window »
March 25: Corning (GLW) made a new high at $20.24 today to exceed our target of $20. We take this trade idea off the table.
Feb. 24: Corning broke above $19.14 on above-average volume today to trigger our entry. Look for potential upside follow-through in the coming sessions.
Feb. 23: Corning has rallied impressively back to highs since gapping down on a lukewarm earnings report on 1/28. Over the past five sessions, Corning has been consolidating in a tight bull flag pattern to allow the 8-day moving average to play catch-up. If the stock can rally above Friday's high of $19.14, it could get additional momentum for new multi-year highs. Our target on the trade idea is $20 with stops at $18.75.
Halliburton (HAL)
Charts provided by FreeStockCharts.com
View Chart »View in New Window »
March 25: Halliburton (HAL) extended higher to add another 2.37% today. The stock went as high as $59.38 to approach our target zone of $60.
March 23: Halliburton enjoyed a 1.22% gain on Friday after the stock triggered our entry price of $57.46.
March 20: Halliburtonhas been setting up again for a potential breakout at $57.46. Stops could be placed at today's low of $56.35 with a target at $60 area.
New Long Ideas
Baker Hughes (BHI)
Charts provided by FreeStockCharts.com
View Chart »View in New Window »
March 25: Baker Hughes (BHI) has been forming a wedge pattern since starting the year in volatile fashion. It has reclaimed the support of its 8- and 21-day EMA, showing healthy strength. A break and close above $63 could open the door for potential new highs. Stops could be placed at $61 with a target at $67.
Prana Biotechnology (PRAN)
Charts provided by FreeStockCharts.com
View Chart »View in New Window »
March 25: Prana Biotechnology (PRAN) has been developing a wedge pattern that could get upside resolution with a break and close above $11.45. It's also trading above all key moving averages, showing some relative strength. Stops could be placed at $10.30 where the 21-day EMA comes in play. Our target in this trade idea stands at $13.75 to $14.00.
New Short Idea
General Motors (GM)
Charts provided by FreeStockCharts.com
View Chart »View in New Window »
March 25: General Motors (GM) has been lagging the market recently, losing support of all key short-term moving averages and even spending a few weeks below the flattening 200-day EMA. The stock has formed a bear flag pattern that could point to lower prices if it breaks below $34.19. Stops could be placed at the recent pivot high of $35.50 with a first target of $31.20 to the down side.
Scott Redler is long AAPL, PRAN Calls; Marc Sperling is long FB, AAPL. No other relevant positions.