FFIV earnings gap. On the daily we reached the 1.27 Fib. level of the recent recovery. Next target is 1.618.
Because the markets were weak, I decided to enter long from support rather than trade it as a BO long as I usually do. Good thing. because it failed about 1 pt. into the move and slipped back under $116.00. Eventually, it established another base for a second long.
LRCX is well on its way to the 1.62% Fib. extension. Over the previous two sessions, it had carved out a base. After the initial thrust and breach, it retraced 50%, allowing for a decent entry. It managed to hold support and eventually retested the highs, scalloping its way higher. When it took out the 1.27% FE, it rallied quickly to the 1.62% level.
RIMM broke out and followed through on huge volume yesterday. Today it consolidated in the upper range of Tuesday's WRB. I'm targeting $58-60.00
ISRG, one of the weaker stocks on my watchlist, set up a nice bear flag after gapping down, with the markets on the open. The solid recovery off of the morning lows, leads me to believe, it has double bottomed near term.
I posted about BIIB before it BO of its daily base. I've had a couple of decent day trades since then, but today I missed the sweetest. I didn't spot it until it was well underway and didn't want to chase.
Which brings me back to CELG and AMGN. They still look good for further upside. AMGN had a little earnings setback, but it's holding support. Add these to the WL.
This is a weekly chart of BRCM. High volume earnings gap on the daily. I think it can go back up to $50.00 as long as the market rally continues.