Breakouts
for Nov 23rd: I am continuing with the review
of current Gold Member and Breakout stocks; noting new breakouts,
or areas for raised stops. The first pick, CHE,
most recently featured for Halloween as
a free Breakout play. The company is set to present at the
Merrill Lynch Health
Services Investor Conference on November
30th, so we may be looking at a bullish announcement or
expectation leading this rally. My new revised price target
is based on a measured move forward, although the point-n-figure
target
of $53 is
part of the October 28th triple top breakout. All three technical
indicators are above their respective bullish markers. The
second pick, AIC,
is a current Gold Member pick from October
13th. The stock
rallied into a 6-week handle which was completed (breached)
by Tuesday's close. The company posted its financials on Edgar
Online Tuesday moring.
I am looking at a raised target price which also included
a raised stop price. The point-n-figure chart shows no price
pattern - but with the stock trading between its 50-day and
200-day MA it can best be described as neutral-with-a-bullish-bias.
The third pick, VNT,
is a Gold Member oversold Halloween play.
The stock sits poised to break $13.67 resistance on sharply improving technical
strength (MACD trigger line in particular). Watch for lead break in on-balance-volume
with support from new near term highs in slow stochastics. As a Venezuelan company
it is not without its external risks,
but price action favors further upside. The stock closed Tueday above its 50-day
MA with some $3 maneuver room to the 200-day MA. The point-n-figure chart holds
a bullish price objective of $22.50 with no price pattern - although a move to
$15.50 will be good enough for a double top breakout. I have maintained my original
price target but have raised the stop price.
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