Chart of the week
Date: 10/12/2009
Symbol: FRX
Company Profile: Forest Laboratories, Inc. develops, manufactures, and sells branded and generic forms of ethical drug products. Its principal products include Lexapro to treat depression; Namenda to treat Alzheimer's disease; Bystolic, beta-blocker to treat hypertension; and Savella for the treatment of fibromyalgia.
Sector: Healthcare
Industry: Drug Manufacturers – Other
TRADING PLAN
Entry price: above: 30.00
Stop price: under: 28.25
Target: 35 – 37.50 areas
Chart explanation: I like FRX weekly base and try for bounce from 10sma and I like monthly continuation pattern. Those are main ideas for FRX setup. FRX need to stay above weekly 10sma (brown line) and I will trail stop with it. On the monthly chart we can see that next big resistance is $35 are and after that 200sma weekly (red line). All depends on breakout pace and volume and updates will come on time.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
Date: 10/12/2009
Symbol: FRX
Company Profile: Forest Laboratories, Inc. develops, manufactures, and sells branded and generic forms of ethical drug products. Its principal products include Lexapro to treat depression; Namenda to treat Alzheimer's disease; Bystolic, beta-blocker to treat hypertension; and Savella for the treatment of fibromyalgia.
Sector: Healthcare
Industry: Drug Manufacturers – Other
TRADING PLAN
Entry price: above: 30.00
Stop price: under: 28.25
Target: 35 – 37.50 areas
Chart explanation: I like FRX weekly base and try for bounce from 10sma and I like monthly continuation pattern. Those are main ideas for FRX setup. FRX need to stay above weekly 10sma (brown line) and I will trail stop with it. On the monthly chart we can see that next big resistance is $35 are and after that 200sma weekly (red line). All depends on breakout pace and volume and updates will come on time.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
No comments:
Post a Comment