Breakouts for Oct 31st: Three high ranked stocks according to Investors Business Daily. The first pick, CHE, gained on earnings and an upgrade by CL King. It has been a tough struggle to break $45 resistance so a retest of this price would not be unexpected. This support level is a good place to set GTC buy orders. Friday's gains triggered an ascending triple top breakout on the point-n-figure chart with an upside target of $65. Supporting the move in price was a resistance break in the MACD trigger line and an on-balance-volume 'buy' trigger. The second pick, MPS, had announced earnings pre-market on Thursday. Demand spilled over into Friday's trading and was enough to break $12.32 resistance. There is further resistance nearby at $13.50 but beyond that is has a free run to the $18.50 triple top from 2000. Friday's trading was enough to trigger a double top breakout on the point-n-figure chart with a price target of $18.00. GTC buy orders into the low $11s can be used to fish for fills, and/or to build a position (in which case use a stop order around $10.69); my suggested stop price assumes a fill at $12.53. The third pick, SVR, was another company to have reported earnings on Thursday. GTC orders down to $17s can be used to build a position on a confirmation test of $16.76 support. A move into the breakout gap cannot be ruled out which could provide further opportunities around $16.00. Some decent technical strength with a MACD trigger 'buy' and new near term highs in slow stochastics. After spending the last couple of months trading around its IPO price Friday's close was a break to new ground, with no overhead resistance.

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"IBD" refers to Investors Business Daily

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