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Bullish Play Updates Sunday, January 25th, 2004

Orbital Sciences - ORB - cls: 13.11 chng: -0.16 stop: 12.50*new*

Following another near-vertical move above the $13 level, shares of ORB have been settling into another consolidation pattern, similar to that seen in both early and late December, each of which preceded another vertical move. Can we expect this pattern to repeat? It's hard to tell from the price action, but it does seem that buyers are defending the $13 level as each intraday dip below there finds plenty of eager buyers. Bolstering this support is the 20-dma ($12.75), just below Friday's $12.85 intraday low. The concern here now is the fact that both Stochastics and MACD have given bearish crossovers and in the case of MACD, we have bearish divergence with lower oscillator highs and higher price highs. Intraday dips that don't violate the 20-dma still look alright for new bullish entries, but be ready to exit if our revised stop at $12.50 is violated. The more conservative strategy at this point would be to wait for a breakout to new recent highs with a move above $13.65, which would more than likely nullify the nascent bearish divergence currently seen on the daily chart.


Picked on January 11th at   $12.90
Change since picked          +0.21
Earnings Date                  N/A
Average Daily Volume =       379 K


Link to Current Quote ORB



 

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