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trade stock, stock recommendation
Correction: BRCD on the prior report was actually for CSCO. Here is the corrected portions.
CSCO ($17.52; +0.59): Has traded below the 200 day MVA (17.65) for 7 weeks. It consolidated above 16 on low volume and has started up to test the 200 day the past two sessions. Volume has been less than stellar (55.8 million today; 73 million average) on the move. A high volume break over the 200 day MVA would be a good start, and after testing that move, could give a good trade higher if the rest of the techs can continue to form up and lead higher in the near term. Not saying it would be long term, but could give a good trade.
BRCD ($28.46; +1.46): BRCD has moved off of the 22 level for the second time, forming somewhat of a double bottom after the double top in December in January. BRCD is now testing the 50 day MVA on today's close, but volume has not rallied with the stock the past three sessions (13.75 million; average 18 million). The breakout of the pattern would be over the March high at 30, though with the 200 day MVA in such close proximity (30.35), we would wait for a high volume breakout over that level. We would expect BRCD to form a handle at roughly 30 given the lighter volume on the recent move up. Other than the past few sessions, price/volume action has been decent for a double bottom.
Good Investing!
Jon L. Johnson and The Daily Staff
All of the foregoing is commentary for informational purposes only. All statements and expressions are the opinion of Online Investment Services, LP or its paid consultants and are not meant to be a solicitation or recommendation to buy, sell, or hold securities. We are not licensed or registered in the securities industry. The information presented herein and on our related web site has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. The security portfolio of Partners of Online Investment Services, LP or its paid consultants may, in some instances, include securities mentioned herein and on our web site. Estimates, assumptions and other forward-looking information are subject to the limits of forecasting. Actual future developments may differ materially due to many factors.
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trade stock
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