ACLS

[eliteG]

G.,

After the wicked drubbing we've had in the market, and things breaking support in general (like the QQQQ), I'm looking for stocks that found support during the beating, and ACLS qualifies.

ACLS was a "fous" pick, and I noticed that it was a Bullish Wolfe Wave, although I don't have a lot of experience with Wolfe Waves.  Some of them have worked out well, though. 

Here's that chart, which has a brief explanation of a Wolfe Wave, and the target line, which points to about $10.  Back in January or February, an analyst upgraded ACLS to $10.  It's in one of the folders, I think, on a Search.

I'll post a close-up chart next.

[eliteG]

This chart on ACLS zeroes in on what happened after the Bullish Wolfe Wave Breakout:

1. Four days after it broke out of the Bullish Wolfe Wave, it had a nice gap up, then a little Bear Flag consolidation that I hoped would fill the gap, so that I could buy.  It didn't, and I missed it.

(I still want a "Curses!" face on the toolbar).   

2. It gapped up on February 9 on good earnings, had a strong day, and continued to 8.20.  I don't know why it sold off so much from there.

3. After a fairly lengthy selloff that ended in a Bullish Fallish Wedge (pattern in purple), ACLS broke out it on May 4, then gapped higher on May 5 on a good response to earnings (do an ACLS search and read Perfect Sage's comments on earnings...I owe him an applause for that).

4. Gaps can be a pain in the you-know-what because they often get filled, as this earnings gap did in the recent general market Smackdown.  But, now all of the gaps are filled.

5. I very much like the fact that ACLS put in a low on a Bullish Hammer at its 50DMA on Wednesday, ahead of the rest of the market.  The 50DMA is above the 200DMA, so that's "good to go," along with the gap fills.

6. Basis the weekly chart, ACLS looks like it's putting in an Inverse H&S pattern, with a slightly rising neckline (I'll post that next, with the Ichimoku Kinko Hyo chart).

7. The Ichimoku Kinko Hyo chart looks to be shaping up nicely, which I'll explain in the next post .

8. MACD is above its signal line and above zero, and it kicked higher off the signal line on Friday (I'll post that chart after the Ichimoku).

Summary:

ACLS closed at 6.49.  The "logical stop" would be below Wednesday's Bullish Hammer, which was 6.03.  I'd use something right under the round 6.00, like 5.99...5.98...5.97 to give it some intraday "wiggle room."

On a 6.49...6.50 entry with, say a 5.98 stop, that's a risk of a loss of 8%.  I'm not sure that I want to be that generous.  I sold all of my long postions last Monday morning save one (posted in various folders...QQQQ...AAPL...FLWS...CHK...CPST), and I sold the remaining long on Tuesday.  But, I'm trying to be open minded.



I might buy ACLS on a pullback to the top of Wednesday's Bullish Hammer low (EDIT: I meant high), which was 6.34.  Say, the high 6.30s.

I'm still ticked off at our IMOS.  That stock looked WONDERFUL, both technically and fundamentally.  It not only busted the 7.20 stop, it went to 6.13 on Friday.  Yeeesh!!  It recovered, though, and closed green.

Okay, on to the next charts...

[eliteG]

ACLS - MACD Chart

[eliteG]

For those unfamiliar with Ichimoku Kinko Hyo, don't be intimidated.  It's very simple, really.  It shows you "at a glance...the table of balance."

Is the stock above or below the Kumo (Cloud)?  That's the vertical lines.

We can see "at a glance" that for a long time, ACLS was below the Kumo (Cloud), so the trend was bearish.

On February earnings, ACLS went above the Kumo (Cloud), and since then, has been consolidating with it.  On May earnings, ACLS went above the Kumo (Cloud) again, and now is at the top of it, on a weekly Bullish Hammer (needs upside follow-through).

The "possible" Inverse H&S with up sloping neckine is circled in blue.

[REALDEALS21]

UPDATE ON CHART: 

[Ares]

Just saw a Block trade in ACLS
net price neutral
Volume at least 100,000(currently still lower than yesterday's)
So far, it's trading at least 25 cents above the open
Just waiting for planets to align (looking for an uptrend in multiple timeframes)
Set my alert at 7.86 (High of Hourly Doji)

[setravis]

"ACLS" Threads have been Merged.
Please use the search before starting new threads on a Stock Pick.
Chances are a thread already exist.
So why not post whatever you have to comment about on that pick to that thread.
"Simplicity" My fellow traders.                             
All history on a stock pick in 1 thread is awesome.                            
Just trying to get threads together,so we don't have a numerous amount floating around on the same stock.                   
Thank You....and good luck with all your trades....make some $$$   


I will leave you with Friday's closing chart while I'm in this thread.......

52wk Range: 4.47 - 8.44
Volume: 1,263,912
Avg Vol (3m): 1,509,980
Market Cap: 480.99M
P/E (ttm): 13.53
EPS (ttm): 0.35

Technicals
Last Price Quote is:
-1.65%below 13-day MA
-13.12%below 50-day MA
RS Rating: 9 

Fundamentals
Key Data:
Market Cap (M): $481.00 
P/E Ratio: 13.52 
PEG Ratio: 1.94964 
Next Earnings: 11/07/2007
Last Analyst Rating: Equal-weight