Here is a detailed look at todays newly opened positions. Beginning with CAI, this is a Trend Resumption play. We have a swing trade target near $32.50 and initial protective stop near $27.00. As for WTTR, this is an IPO Breakout play. We have a swing trade target near $19.00 and an initial protective stop near $14.70. Energy sector stocks look they may be trying to make a Trend Transition themselves. This could be a false start for the group but that’s the way it goes with Trend Transition type set ups.
Below is a look at the charts of CAI, WTTR, as well as the chart of the Oil/Gas Equipment Sector. (Note that Morningstar has WTTR listed among the Pollution Control group which I believe is very misplaced or a data base error).