by Profit Scanner | March 18, 2014 9:58 am
Monday saw Jaso Solar (JASO) jump nearly 7% on positive earnings news, which technicians could have seen coming for one of the best known solar stocks.
On March 14, the Profit Scanner powered by Recognia, which allows traders of all experience levels to quickly understand the o technical analysis outlook for a particular financial instrument, identified four short-term bullish patterns in JASO’s chart:
With JASO closing at $11.42 on Friday, March 14, the Profit Scanner identified a short-term target of $13.60 to $14.60. On Monday, after the company released its latest quarterly report, JASO jumped to a daily high of $13.14, just shy of the target.
JASO has now settled back near the high $11 range, and while it certainly could make another run to the target, the Profit Scanner has no shortage of trading ideas on other stocks that could also deliver surprise spikes in the short term. Here are three stocks trading under $10 that are setting up to return 25% to 70% or more within the next few weeks – names that you might have never found or considered on your own.
Tsakos Energy Navigation Ltd. (TNP), a shipper of crude oil and petroleum products worldwide, closed Monday at $7.19 with its chart indicating a bullish Symmetrical Continuation Triangle, which could resolve in an upside target of $8.90 to $9.30 in just 38 trading days.
The chart for micro-cap Galena Biopharma (GALE), an oncological treatment firm, showed a bullish Continuation Wedge at Monday’s closing price of $3.22. The bullish pattern indicates that GALE could move 70% or more to a target of $5.50 to $6.00 in the next 24 trading days. GALE is down in Tuesday’s trading, but that could simply offer an even better entry point for traders.
Vringo (VRNG), a New York-based business services company that deals with and monetizes intellectual property around the globe, is also sporting a bullish Continuation Wedge pattern. Closing at $3.78 on Monday, the Profit Scanner puts a near-term target of $5.50 to $5.80 in the next 33 trading days.
Profit Scanner powered by Recognia can help traders of all levels find new trading customized trading opportunities for finding the best stocks to buy or short in specific sectors, price points, timeframes and so much more. Or use Profit Scanner’s technical insight to validate your own trading ideas. See how easy this powerful tool is to help you uncover hidden opportunities in the market.
Source URL: http://investorplace.com/2014/03/trade-of-the-day-3-stocks-under-10-set-to-spike-jaso/
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