Thursday, March 23, 2006

In Play

NEW - long

Update 11:43 EST - The entry price on NEW was $46.10. I've just locked in profit on 50% of the position after a gain of $1.10. The target on the balance of the trade is $47.50 - $47.70. Intraday support is in the area of $47.00.

Other intraday trades: BRCM bounce off of the intraday lows - position sold. URBN - position stalled - tight stop.

Update 12:08 - Sold balance of NEW - profit target was reached. The target is based on resistance levels that I see on the daily view. If NEW consolidates or pulls back in an orderly fashion, there could be more upside. Next level of resistance after $$47.70 is $49.10 (opening of bearish gap resistance).

Update 1:00 - Sold URBN. Still watching NEW for any kind of pullback and reversal pattern. This stock is really strong today.

2 comments:

txtrader said...

Nice trade,I only caught a small portion of that move.Way to play the whole move.

Jamie said...

Thanks. I've had a few good trades with NEW in the last little while.