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New Long Stock Pick – Symbol AVA (Avista)
Steve Warshaw (September 3rd, 2008) Writes:
This stock pick is going against the overall trend in the Market, but is showing good enough promise that I’m willing to take the risk.
Technicals
The AROON is showing a strong uptrend is in place The PPO confirms the AROON and shows absolutely no divergence between the indicator and price action The Williams %R shows no divergence Either. The Williams %R on the daily chart is showing an oversold conidtionPattern
The chart pattern combined with the techincals is why I like this trade. A nice double bottom has formed, with a breakout occurring on strong volume. Today, support at the top of the W held up with the 13 day MA acting as further support.
Price Target and Stop
My target of 26.50 for this trade is just above it’s all time high of 26.09
Stop is $20.03, about 3% from a very strong support level.
Fundamentals
Avista is invested
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