2. Next, let's look at Westport Innovations, which provides low-emission engine and fuel system technologies utilizing gaseous fuels.
Westport traded up 4.02% on Monday, closing at $15.25 per share.
- Monday's range: $14.62 - $15.39
- 52-week range: $12.42 - $35.40
- Monday's volume: 749,362
- 3-month average volume: 997,584
Westport is a great chart and has been consolidating for the last month or so. The stock is a semi-failed rounded bottom breakout. On May 2, there was huge bullish sentiment, and the chart formed a huge bullish candlestick. Plus, price action gapped up after a doji -- this is known as the "trader's best friend." (A doji chart has a stock price that opens and closes in almost the same spot, but it may be wide-ranging in price over the course of the day.)
That huge bullish candle is still the main feature on this chart. Profits have been taken, though, and the breakout has been tested. Yesterday was another doji gap up, so shares will likely trade higher today.I would look for the cheapest entry on this chart, as low as $14.48 or even lower. I would put a stop below the little double bottom that has formed in the last few weeks, at say $14. Then, as with all rounded bottom breakouts, target the 200-day simple moving average, which is at $19.55. The 200 is 28% to the upside from yesterday's close. That is great potential for a relatively inexpensive stock. This kind of potential is why I trade the rounded bottom breakout. There is overhead resistance at $15.74, $16.27, $17.24 and then again at the 200. Target the 200 and take some profits there. If the trade is still working at the 200, stay long, and let the trade keep working. Stay long until you see a confirmed sell signal or a close below the t-line. 3. Lastly, let's look at Weight Watchers International, which provides weight management services in North America, the U.K., Continental Europe, Australia, New Zealand and some other countries. Weight Watchers traded up 1.61% on Monday, closing at $22.12 per share.
- Monday's range: $21.61 - $22.13
- 52-week range: $19.50 - $48.63
- Monday's volume: 732,234
- 3-month average volume: 919,442
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