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Wednesday, April 11, 2012 

Setups to Watch For Thursday

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The strong move in FormFactor, Inc. (NASDAQ:FORM) shares today was something that I tweeted early this morning. If you were following my twitter account you would have gotten the tweet when the stock was trading at 5.38. It ended the day at $5.73 trading more than 800.000 shares, well above its average volume. Technical chart above shows bullish sign with %K line on top of %D line and ADX is beginning to move up coinciding with the gain in momentum. If the stock can break through $5.81, we should see a strong follow through move. This move would break a key resistance level and should drive the stock back towards December highs. Keep in mind, early this week DA Davidson initiated the stock with a "Buy" rating and a price target of $12.

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SBA Communications Corporation (NASDAQ:SBAC) cleared resistance on expanding volume and looks ready to extend it's gains. Keep on watch list.

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Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) stock is forming a small pennant on daily chart which is usually the most bullish of consolidation patterns and may be ready to break soon. So, perhaps this is merely a pause in a strong uptrend. 

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Elan Corporation, plc (NYSE:ELN) displayed some impressive relative strength with a 2.44% gain. The stock still showing strong accumulation on up days with high volume and selling on low volume. The overall outlook for the stock appears bullish...IMO Only a close below $13.5 would negate the bullish outlook for the stock. A close above $14.5 would reinstate short-term bullish trend that could propel the stock to the next target zone of $15.27.

During the day I tweet many times to my readers. I encourage everybody to subscribe AC Investor Blog  twitter and newsletter, so you can receive my trade ideas and stock news in real time.

Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

Thanks for visiting AC Investor Blog.

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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