Tuesday, September 26, 2006

Trade of the Day - Joy Global Inc. (Public, NASDAQ:JOYG)

Goodbye EXP, Hello JOYG!
It's not unusual for a stock to retest its breakout point after a significant break. JOYG opened strong and consolidated its early move midday, forming a small triangle pattern. I was cautious and waited for confirmation before going long, but there was a noticeable uptick in volume as the break occurred. I closed the position as price rallied in for a retest of last week's breakout point.

3 comments:

Gio said...

I like ur chart analysis. What do you think of HANS or GROW as a swing short? thanx.

-gio

Jamie said...

Hi Gio,

I've posted a chart of HANS on the blog. It could be an interesting trade when it breaks its narrow trading range.

GROW has support at $26 and again at $24.00 (notable support and 50 MA). I wouldn't consider a swing short until both these levels are taken out.

Gio said...

thanks. will keep an eye out for that breakdown.