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PLAY > New Plays Sunday, April 08, 2001
New Split Plays   New Candidate Plays   New Momentum Plays
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Plays

BJS - BJ Services Company $71.75 (+0.55)

BJ Services (BJS) is a principal supplier of pressure pumping and oilfield services to the petroleum industry worldwide. Demand for the company's services is dependent upon the number of oil and natural gas wells being drilled, the depth and drilling conditions of such wells, and the level of activity worldwide. Currently, the company is benefiting from strong activity in the North American oilfield market. But, aside from BJS's solid fundamentals, the chart may have just completed a "V" bottom formation. This has been a familiar pattern over the last few months, as quick rallies have unfolded off such reversals. What's more, the company announced a 2:1 stock split on March 22nd which could help to generate extra buying ahead of the record date of May 17th. As for the stock, BJS shares, after coming down from highs just last week, may have already formed a near-term bottom. The technical indicators certainly suggest this, with the MACD on the verge of a crossover and the stochastic signaling a mid-week buy signal. Bearing this in mind, should shares trend higher in the upcoming week, we'll look for initial resistance to occur at $72.75, then the 20-dma of $73.15, followed by a stiffer challenge at the 50-dma of $77.16. Support will come at the $70 mark. Look to time entries when BJS shares bounce off support or break above the 20-dma on volume of at least 850,000 shares traded by midday. We are setting our initial stop at $67, to minimize our downside risk.


Picked on April 8th@ $71.75
Change since picked 0.00
Stop Loss @ $67.00
 
Interactive Chart Quote News First Call on BJS
 

New Candidate Plays

None

New Momentum Plays

SLXP - Salix Pharmaceuticals, Ltd. $15.06 (+0.06)

Salix Pharmaceuticals, Ltd. is a pharmaceutical company that acquires and develops brand name, prescription pharmaceutical products used to treat gastrointestinal diseases. SLXP went public on November 20th. The stock began trading at $10 but it slipped below its IPO price to an all-time low of $5.75 just 9 days later. Since then, shares of SLXP have performed rather nicely. On Friday, the stock traded to an all-time high of $16.31, which represents a 63% gain from the IPO price and a 184% gain from the November 29th low. We believe that SLXP is in the early stages of rally after moving to NASDAQ National Market from the SmallCap Market, so the stock could see new highs in the near future. From a technical perspective, support is the 5-dma at $14.49 with additional support at the 10-dma, currently at $14.13. Resistance is the February 22nd intra-day high of $15.50 and then $16.31, Friday's intra-day high. A bounce off of $14.49 or a move above $15.50 on midday volume of at least 60,000 shares may be possible entry points. One caveat, this can be a volatile stock since it occasionally trades on light volume. We plan to set stops at $13.50 as downside protection.


Picked on April 8th @ $15.06
Change since picked +0.00
Stop Loss @ $13.50
 
Interactive Chart Quote News First Call on SLXP
 


New Plays Index

 


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