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As far as new trade ideas go, here’s the swing scan for Tuesday. All 3 ideas are technical swing trades meaning the goal is 5-10% across 1-4 days.
ETAK – After 3-months of consolidation below $1, shares spiked to $1.20 resistance in the middle of September. Now working previous resistance, $1, as support, I like Monday’s hammer and volume suggesting a retest of $1.20’s trendline resistance is coming.
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CGA – Highflier a few weeks back and came in to cover the gap. Now resting at the 50 Moving Average and trendline support, the risk reward is good here this tests the $2.70’s again soon. Earnings winner with a ‘hold’ at TheStreet after the big move suggests fundamentals could support an uptrend.
BIOL – Nice ascending triangle breakout above $2.40 last week, now consolidating above $2.60 for a run to $3 if it works. Make sure the flag it’s working right now above $2.60 holds, look for some resistance at $2.80 and if that falls, a push to the low $3’s before a pullback. RSI is overbought so strict stop loss would be applied, probably below $2.60. A more conservative technical trade is entry above previous resistance, $2.40, and swing for $2.70’s.
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