NEW YORK (TheStreet) -- Good day traders!
1. First, let's look at General Cable, which designs, develops, manufactures, markets, and distributes copper, aluminum, and fiber optic wire and cable products for the energy, industrial, construction, specialty, and communications markets worldwide.
General Cable traded up 30 cents (+1.19%), and closed at $25.50 per share.
- Friday's range: $24.94 - $25.50
- 52-week range: $22.76 - $36.56
- Friday's volume: 6,673,744
- 3-month average volume: 1,021,910
BGC formed a rounded bottom breakout pattern when it closed over the 50-day simple moving average. That's a good thing. Plus, shares closed right at a short-term resistance level on Friday.
The price action has been trading positive since earnings were reported on April 30, and the stock is up 12% from its 52-week low that occurred on the day after earnings. I would look for an entry above the 50-day simple moving average at $25.24, but only on positive trading.
Friday's volume was about six times average volume, which is a huge bullish buy signal.
I would set a stop on a close at or below $24.84. There is overhead resistance at $26.09. $27.01, $28.02, and again at the 200-day simple moving average, at $28.91. I would target the 200, which is over 13% to the upside.
Look for the next resistance level above the 200 for the next target. Stay long unil you see a sell signal or a confirmed close below the t-line.
Up next: Theravance.