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.
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