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Watchlist $YPF $CODE $TXMD $GNC
YPF
Considering that the market literally got belted on Tuesday there are quite a few long setups out there. One happens to be this YPF. This was a very strong mover and didn’t stop until it hit resistance of June 23. If this can work its way back to $36 we could see a new high on this chart. In order to do that though I think it needs to hold up in this $35.35 to $35.50 area.
CODE
This is another stock testing highs on the daily chart. As with YPF. If this can move above recent resistance we could see a much further move to the upside. This one though is a lot closer than YPF. I would like to see a retest of $21.90 then a bounce off of that in anticipation of a $22 and 10 send break. We could see a move of $23 plus
GNC
This one might be ready to build off of this lower base and today’s spike. This thing is down almost 50% this year and is bounced off the higher 33’s a few times over the last month. For me these bottom bounce stocks need to pull in and test levels giving you the confidence that you have nearby support that way your risk is small. With its strong close today I don’t want to rush in long early but rather look at the first pullback and see if it can hold today support areas.
TXMD
This one is very close to the $5.60 resistance from June 17. Also this is a nice textbook late day power run stock where it begins the day with a gap up fades into support and then rips in the afternoon. You can see from the highs and premarket of $5.50 it pulled down nicely into yesterday’s post market support of $4.70 and then ramping up to daily highs. As with most stocks that close very strong I don’t want to buy into it first thing in the morning. I usually need to see a base or small pullback before I get long. If I happen to miss the long by waiting then I usually switch my stance to shorting if the stock goes parabolic. So if this thing can pull back to $5.50 or thereabouts and hold and then re-attack the $5.75 area I would long. If the gaps up and runs well over $6.50 than I would look to short.
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