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Breakouts
for June 2nd: Some of my current plays have started to show patterns of strength. The first pick, RSYS, most recently featured as a breakout for May 1st. The stock nicked a close over $21.50 allowing for a slightly raised stop but with no change on the price target. Market gains look to be attributed to a Cowen and Company Tech Conference held on Thursday afternoon (after the market closed). Technicals are led by a rising on-balance-volume trend and an earlier 'buy' from the MACD trigger line, although slow stochastics are some way from overbought conditions. The 50-day MA has traded as sound support since 2005 and can be used for a trailng stop towards the point-n-figure target of $27.50. The second pick, CYBS, is a Subscriber pick from March 7th. The stock managed a dual, mini-handle breakout and a close above the 50-day MA, but is a $1.50 short of a point-n-figure chart double top breakout. The latter chart has The third pick, LECO, was drawn from my Breakout scan. A reshuffling of the S&P indices saw Lincoln Electric Hodling replacing Education Management on the S&P MidCap 400. Thursday's gains had the additional satisfaction of a MACD trigger 'buy', confirmation breakout in on-balance-volume and a surge in +DI trend strength line. The days action also continued a May 26th double top breakout with a price target of $75. The stock sports a modest 1.40% yield. With no historical overhead resistance it should challenge $100 psychological resistance. a target of $21.50. Cybersource also presented at the Cowen and Company Tech Conference and the interest helped drive some of the buying. Technicals are improving, but are not stellar for a breakout.
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