29 Dec 2013

Volume is still very light due to the holidays. Most traders are not yet back at their desks and there isn’t likely to be any big moves next week whilst traders are away. Markets will most likely tick gently upwards as a result of light volume.

Nevertheless, here are 5 stocks showing great setups for next week:

LONG:

Bed Bath & Beyond Inc. Strong breakout, looking to continue uptrend next week.

LONG:

Midstates Petroleum Company Inc (MPO) broken wedge pattern and looks to have bottomed. Move to 7.50

LONG:

Wesbanco Inc (WSBC) broken out of ascending triangle pattern and looking to continue uptrend.

SHORT:

CGI Group (GIB) broken trend line and weak price action. Possible drop back to $32

SHORT:

LKQ Corp – Multiple top and broken trend line. Likely move back to the neck line.

Tags: finance, stocks, trading, trends