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Charts and Metastock: |
Popular Stock Requests today: ... |
I need to think fast and write this recommendation fast, because my time is running out before the opening bell. I will justify this trade better on my first update, after the close.
Basically, I have these motives to buy the stock at today's open:
1) Fundamentals are improving rapidly and the stock is undervalued: Mindspeed(R) Reports Fiscal 2005 Third Quarter Results; Delivers Revenues of $27.7 Million, Achieving High End of Company's Expectations
2) New brokerage firms are covering the company with buy ratings, and their clients will be attracted to the stock, as soon as it starts rising, as it's happening now: News Headlines about Mindspeed Technologies Inc (MSPD)
3) The stock rose sharply on the earnings news but it wasn't technically ready to advance, came down a bit and consolidated those gains, and now it shot up to new short term highs (a G-Pattern, well, not a pure one but I guess eliteG won't mind me using his pattern in a distorted way 
)
4) There's an important resistance at $1.81. In fact, very important. If the stock blows out that resistance you'll see a lot of technical guys jumping in. I believe the stock will achieve that in the upcoming days (possibly today), fundamentals and recommendations from brokerage houses will ensure that. Perhaps the real deal in terms of resistances was the one on the long term semi-log scale chart, which was broken on the upside yesterday ! 
So I'm buying MSPD at today's open for the 3 Stocks on Fire Portfolio, as usual, 6.66% of capital. Here are the short and long term charts:
(This recommendation was made by David Randolph from 3 Stocks on Fire. 3 Stocks on Fire is a Community of stock traders and investors. Our 2814 members change trading ideas and strategies on our message boards everyday. We welcome you as a new member of the 3 Stocks on Fire Community, please take 10 seconds to register and receive our free newsletter)
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