Trade Setups for Wednesday
Lots of action in after hours trading with The Street frowning upon the Cisco (CSCO) earnings. Depending on how the market ultimately responds, I have for you below a few setups to chew on.
Garmin Ltd (GRMN) - Broke out nicely above $32, and for the first time appears to be holding this critical support level. As a swing trade, this stock could see a $2-3 pop, if this market doesn't sell-off in the process.
Wynn Resorts (WYNN) - Failed to maintain the breakout level yesterday, but stands to make a second attempt at it tomorrow.
Green Plains Renewable Energy (GPRE) - Hasn't done much of late, but if it can push through the $11.90 level, could see a lot of upside.
Thompson Creek Metals (TC) - Double top formed back in Dec/Jan and looks to move further down once it breaks support at $13.30.
Travelzoo - (TZOO) - Show a lot of respect to this stock if you are going to short it - it can move against you pretty fast - but it is currently facing resistance with the 50-day MA sitting right above the price. Also resistance from the double top's lows.
BB&T (BBT) - Not sure if this one is ready to be shorted or not, but the candle it put in today was very bearish, and I will be curious to see what kind of follow through we get tomorrow. Could be seeing a top in this one.
Here are the charts