Each week at ChartSmarter we like to bring to a little insight into what we do on a daily basis. We have been at it for more than 4 years and we love doing it. Each night we detail 7 to 8 of our favorite ideas, both long and short, for the next days session. We do NOT have a chat room, nor are we active “tweeters”. We like our business growing by word of mouth. Below is precisely how they were written in our daily reports. For those who would like to see a full copy of our Thursday Game Plan, email me at email@example.com. Below we look at a couple recent double bottom plays that we think have excellent potential.
TCS which we looked at in our Monday 5/18 Game Plan is a lagging retail play which has been very stubborn in giving any back of the week ending 5/15’s 12.2% advance. This stock has put in a double bottom in the mid 15 area and looks poised for gains. It currently sits UP more than 4% from the recommended entry. We think it has room to the 20 handle over the near term which would roughly align with the 200 day SMA.
Stocks that can be bought after bullish engulfing weeks are TCS. TCS is a retail laggard lower by 7% YTD and 31% over the last one year period. This is by no means a well managed company as it has lost ground the last 4 times reporting earnings by 14.2, 14.2, 24.9 and 8.4% on 4/28, 1/9, 10/7 and 7/9. The stock has been trading sideways since last October after a horrific looking downtrend which saw the stock lose ground 26 of 41 weeks between the weeks ending 1/3/14-10/10/14. This month not only enforced a double bottom with intraday lows of 15.49 on 10/9/14 and 15.82 on 5/7, but this week formed a bullish engulfing week near all time lows. Enter on a slight pullback within that candle at 17.35.