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Play of the Day (For Wednesday)
- LEA INFO -
Quote
 
Profile
News
 
Interactive Chart
Tuesday, April 24, 2001

LEA - Lear Corp. $36.20 +1.15 (+1.08)

Tuesday's Comment:

Stocks sensitive to interest rates should benefit in this lower interest rate environment, which is one reason picked LEA to be the Play of the Day. Another reason is that LEA made a strong break today above formerly tough resistance at the $35.00 level on 951,300 shares traded, which was more than twice the three-month daily average of 443,000. Credit Lyonnis and Prudential Securities can take much of the credit for trader interest in LEA, as both firms upgraded the stock on Tuesday. More importantly to us, though, the LEA looks very good technically. The stock has been riding a 45-degree uptrend line since early April, moving from $28 a share to today's close of $36.20. What's more, LEA is showing no inclination to backpedal. To that end, the stock should gain support from former resistance at $35.00, with additional support provided by the 10-dma at $33.74. As for resistance, it looks like clear sailing until the April 1999 highs of $50 (though it could hit mild resistance at the psychologically-significant $40 level). Traders considering a position in LEA should look for strong volume, 250,000 shares or more traded by noon EDT, on a move through Tuesday's intra-day high of $37.80 or a bounce off support at $35.00 before placing their trades.


Picked on April 24th @ $36.20
Change since picked 0.00
Stop Loss @ $33.88


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