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Bullish Play Updates Wednesday, August 27, 2003

Tower Automotive - TWR - close: 4.18 change: +0.04 stop: 3.75

After an encouraging start, our TWR play has run into stiff resistance near the $4.20 level and the stock has been consolidating near that level for the past week, with one brief foray up near $4.40. At the same time, intraday support seems to be building in the vicinity of the converged 10-dma ($4.07) and 50-dma ($4.06). Intraday dips and rebounds from above the $4.00 level look favorable for new entries, while those looking to enter on strength will need to wait for a push back over $4.25, preferably on strong volume. Speaking of volume, it has been virtually nonexistent in TWR this week, running only about a third of the ADV. It may be that we'll have to wait until after the long weekend for volume to come back in, and that means the best approach for new entries this week is to buy the dips. We're still targeting a near-term move to $4.80, with an outside chance of a push up to the $5.00. Taking an exit from the play in that $4.80-5.00 area remains our recommended strategy. Maintain stops at $3.75.


Picked on August 10th at   $4.10
Change since picked        +0.08
Earnings Date           10/21/03 (unconfirmed)
Average Daily Volume =     559 K


Link to Current Quote TWR



 

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