On My Watchlist

• Posted by downtowntrader
• on January 30th, 2012

The S&P500 quietly pulled back towards its 20-day moving average this morning, but buyers quickly stepped in erasing much of the early weakness. While we may still have more consolidation ahead, individual stocks continue to present decent trading opportunities. I found a few interesting stocks in my scans tonight including $EEP $CONN $UAN and last nights pick $TCAP (which did not trigger, but remains valid). However, American Vanguard Corp.(Public, NYSE:AVD) ($AVD) stood out to me as an excellent risk versus reward opportunity due to the extremely tight range it has been trading in. It recently cleared some resistance near $14.50 and has been trading above it as it consolidates the breakout. If it can emerge from this narrow range, it could head towards multi year highs near $20. Beyond the daily chart, the weekly chart looks very good as well.

Good Trading,

 

Joey

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