Tuesday, July 04, 2006

Watch List - Pacific Ethanol Inc. (PEIX), Autodesk (ADSK)

I traded PEIX on Monday morning for a nice gain. It has formed a nice base but has run into resistance at $25.00. Now I'd like to see it fill Monday's gap and close above it before getting long again. If the gap goes unfilled, it may be a bullish island reversal setup because we also have an unfilled gap on the way down from June 26th. The chart below is a 60 minute view with support and resistance lines.

ADSK completed a bullish morning star reversal pattern last Thursday off of long-term support at $33.00. It's now coming into resistance in the $35.00 area. I'd like to see it make a tradable higher low before getting long.

The 60 minute view below outlines support (blue) and resistance (red). A breach of $33.60 on a closing basis would be bearish.

No comments: