Betting On GFA To Turnaround Your Portfolio

GFA stands for Ghana Football Association. It is the governing body of association football in Ghana, based in Accra. But what we are after today is Gafisa (GFA). GFA is one of the largest cconstruction and real residential segment in Brazil. The stock has almost completed an 11 months ascending triangle. A break out the neck line at 3.55 may be marking a reversal for GFA and an initial target of $4.8

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A Billionaire’s Pick

Exco Resources (XCO) completed a 5 months rectangle bottom by breaking out today with an implied target of $6.70. Stop loss @ 5.54. This may well be a reversal as this stock has been on a downtrend for the last 4 years.

Wilbur Ross Jr., owns almost 25% of the XCO at an average price of $11 ! If you don’t know the guy, well he is just another billionaire. More about him here

If you become a billionaire with XCO, pls send me 1% fee for this idea 🙂

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BPZ Resources Attempting A Reversal

BPZ Resources (BPZ) completed a one year Double bottom formation closing above $2.60. Interestingly, the second bottom has morphed into a 5 months H&S Bottom which has broke out earlier. Volume also has increased 3X giving more confidence in this long trade and a possible reversal and the end of BPZ 5 year decline. Initial target is $3.60. Stop loss @ $2.40

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The big picture

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Treating Prostate Cancer

Dendreon Corp (DNDN) is a biopharma co. developing immunotherapeutic meds for cancer patients. More on their Provenge drug and how it works which is interesting here

From the chart perspective, DNDN is forming a 6 months Head & Shoulders bottom with 3.60 as the neckline. Will selling Provenge in Europe act as the reversal ? Implied target is $5

Do note the gap above which usually serves as resistance.

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American Not So Super

Super is probably one word that does not describe American Superconductor Corp (AMSC) stock performance for the last 3 years. AMSC has been in a relentless downtrend taking the stock from $44 to less than $2.0.

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Taking a look at the stock today, we see a possible attempt for a turnaround on increased volume through a 3 months Double Bottom formation that failed yesterday to close above the neckline at 1.83. A decisive close above the latter level, indicates an initial target of $2.23 and maybe the end of the downtrend?

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NO Randa

 

Noranda Aluminum Holding (NOR) completed a 4 months Double Bottom, but the neckline area at 3.12 is interesting. This zone has been touched twice before as support so it now should act as resistance. To make it more significant the 200 moving average is almost close by at 3.22. In this particular case and to be conservative I would let the 200MA serve as the barrier and the point of declaration that its breaking out. NOR has been on a downtrend since May 2011, will year 2014 witness the turnaround? Initial target is $4.2

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Midstates Petroleum Base

Midstates Petroleum (MPO) has almost completed a 8-months H&S bottom with a neckline at 6.62. This may well be a reversal pattern as MPO has been in a downtrend since its iPO last year.

On a different note, ebook requests are open for the next hour only. Send me any trade related books (with an amazon link) you want on theartofchart@gmail.com and i will send it to you FREE in ebook form (pdf/epub) by the end of the week (IF i have it).

 

 

 

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