Equities Watchlist For The Coming Week: IBM, DAL, HAR, NFLX
Alexandros Yfantis | Aug 18, 2014 07:10AM ET
This weekl I focus on four stocks. International Business Machines (NYSE:IBM), Delta Air Lines Inc (NYSE:DAL), Harman International Industries (NYSE:HAR) and Netflix Inc (NASDAQ:NFLX). I already have an open long position in IBM and will look to open new long positions in the rest. These stocks I believe have completed their corrective pull backs making higher lows and all have held important support levels for their intermediate-term trend. I believe a new leg up has already started and there is a good risk reward ratio found here.
IBM:
My last trade in IBM was when price broke out and above the downward sloping wedge near $183.50 and exited at $193. Through twitter and stocktwits I gave a pullback target near the 61.8% retracement. Price pulled back inside the cloud support and reached my Fibonacci retracement target. I entered again long near $186 and I now expect price to move higher towards $200 as long as price is above the Ichimoku cloud and the support at $184.
HAR:
My last trade here was also a long one, near $108 but we exited at $111 despite it moving higher towards $118. The first upward move was complete at $118 and the expected pull back reached again my target of 61.8% Fibonacci retracement and the Ichimoku cloud. Now I will be looking near $112 to open a new long position with target above $120 and with $103 as a stop.
NFLX:
I’ve been keeping a close eye on this one and as it holds above the Ichimoku cloud support I expect its price to make a sharp upward move towards $500 in the coming weeks. I will keep my stops tight at $439. As long as price is above the Ichimoku cloud bulls should feel safe.
DAL:
Delta Airlines is my current favorite and last bullish setup I openly post today for free. Breaking above the Ichimoku cloud and the downward sloping trend line has made a double bottom and I expect it to move at least towards its previous highs at $42. I’m bullish as long as price is above $34.59 and strongly bullish as long as price is above $37.50.
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