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7 Hot Stocks on Traders' Radars

Waters

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Nearest Resistance: $82

Nearest Support: $72

Catalyst: Earnings Miss

>>Health Care Stocks Bought and Sold by Hedge Funds

Lo and behold, we're seeing an almost identical setup in mid-cap instrument manufacturer Waters (WAT) today. Like Netflix, earnings are driving this stock this afternoon, after it posted a miss on its first-quarter results before the opening bell this morning. While investors had been expecting the firm to earn $1.09, WAT only brought $1 per share to its bottom line in the last three months.

Waters spent most of 2012 forming a topping pattern with support at $87. Shares closed just under that price yesterday, indicating that demand was waning ahead of today's open. Today's massive breakdown sent shares well under their next meaningful support level at $82; now that price is resistance.

Shorts should consider aiming for a target at $72. That said, like Netflix, this is another higher-risk trade. Risk-averse traders need not apply.

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