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Bullish Play Updates Thursday, April 03, 2003

Black Box - BBOX - close: 30.25 change: +0.62 stop: 28.69

In last night's play-of-the-day comments, we talked about how a breakout to new highs might present an opportunity to take long positions in BBOX. The NASDAQ's intra-session breakout above 1400 created a favorable climate for further gains in the networking stock. Shares headed higher in morning trading...only to falter one cent below the relative high of $31.38. Profit-takers came out of the woodwork once it became apparent that BBOX wouldn't be moving into its large March 12th gap. The stock finished with a loss of 1%, closing below previous resistance at $31.00. On Friday we'll be looking for Black Box to reclaim that level and move back towards the relative high. Traders can still think about taking new entries on a move above $31.38, but be sure to wait until shares have also cleared the descending 21-dma. That moving average is currently located at $31.42.


Picked on March 19th at $30.86
Results since picked:    -0.61
Earnings Date         05/08/03 (unconfirmed)


Link to Current Quote BBOX



 

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