Trade of the Day: Analysts Love This $10 Stock

Today’s Chart of the Day is also our Trading Idea of the Day. Each evening our FTM Insiders and Profit Trakker subscribers receive a trading idea complete with:

1. Trigger price (The price at which we will buy the stock)
2. Stop loss price (Our exit price)
3. My comments (I usually provide some basic technical guidance on the stock’s current price pattern)
4. Profit potential (That’s how much I plan to make if the trade goes my way)

We have booked some solid gains over the last several months.

On 12/15 we bought shares of QLogic Corporation (Ticker: QLGC) at $12.01. I had noticed that the price pattern of the stock had been locked in a month-long period of sideways movement. (This is also known as “consolidation.”) I told our subscribers that the stock appeared ready to breakout and rally higher if it could break through the $12 resistance level.

15 days later, we sold those same shares for $13.31 for a quick 10.8% gain.

On 11/25, we added shares of Amedisys, Inc. (Ticker: AMED)

I had noticed that the stock’s chart was forming an interesting 30-day “saucer” pattern. And best of all, it was occuring on rising volume levels (which is almost always a good sign!) I told our subscribers that I planned to buy the stock if it could reach its “trigger” price of $26.31.

Five weeks later, we sold all of our shares at $29.47, locking in a sweet 12% gain.

Also in November, we bought and sold a small cancer drug company, Progenics Pharma, Inc. (Ticker: PGNX) for a 35% gain. Best of all, we only held the stock for a week!

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