Stock pick for 01/05/2012
EBAY - short
Technical view: My interest will be daily bull trap continuation and I think that $30 is very important support area for EBAY. In that case I want it to stay under 200sma 60 min and because of that stop will be that area. First support will be $29 area and if that won’t hold we could see move down to $25 area what will depends on pace and volume and too early to predict that.
PANL - short
Technical view: On the daily time frame we can see that PANL is downtrend stock. Reached 20sma resistance at Tuesday and despite of strong market pull back was very strong on higher volume. Yesterday action gone with nice rest and I will look now for selling continuation. We can see that on the intraday charts. For stop I will use (for start) 60 min 10sma resistance area, what mean that PANL need to go after setup with good pace and volume or risk for bounce will increase and in that case I don’t want to have big stop.
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