Checking Setups on Two Stocks

 | Apr 17, 2013 | 8:30 AM EDT
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I have two stocks to watch today. The first one is Hess (HES), and I'm looking at both time and price support in this stock. There are two standout zones in Hess, with the first area currently being tested at the $66.72-$67.67 area. The second zone is just slightly below this at $65.34-$66.15. Both of these zones include quite a few symmetrical projections of prior declines. 

This is important in my analysis, since many swings in a stock or index will tend to be similar to others on the same chart. Also, the pink histogram below price actually represents a clustering of Fibonacci timing cycles that we are currently on top of which would also support a scenario of Hess resuming the rally.

So here are the parameters: As long as price continues to hold above one of these zones, I will be looking to take my buy triggers against them, with the maximum risk defined below the low end of the second zone. It will be more ideal if the timing work continues to match up with this test of price support, but this will still be a trade setup to consider even if we go a few days outside of the current timing "window" of the next couple of trading sessions. If the recent low remains intact, target 1 comes in at $76.30.

(For more info on trades and triggers, please go here.) 



Here is my second pick, which is Stratasys (SSYS). Here I have two price support decisions to consider entries against. The first is already being tested at the $72.57-$73.64 area. The second comes in at $70.82-$85. As long as price continues to hold above one of these zones, I will take my buy triggers against them. If the most recent low remains intact, target 1 is $83.58, and target 2 is $86.30. If a new low is made into the lower levels, I will have to recalculate my shorter-term targets. A bigger-picture target comes in at the $101.03 area, way above the market. Risk can be defined below these same key zones.


Dynamic Trader


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