September 27, 2010 at 8:04 am | | Comments 0

Eyeing GDP for a Breakout

university-120-240-nextlevelThere’s no shortage of bullish charts out there right now, but not all of them are in position for new buys.

One name I’m watching right now, GDP, is in pretty good technical shape here and looks like it may be gearing up for a move soon.  It’s nowhere near short-term extended like so many other stocks at the moment, and in fact is knocking on the door of a breakout from a multi-month trading range.

The Plan

With GDP threatening resistance right here, it’s on my radar for a play.

I’m looking to buy this one if it’s able to break out through the $14.10 level, and would expect a quick push up to the $15.20 area.  That level has proven to be both support and resistance in the past, which makes it a logical spot for a rest if the next move carries that far.

Here’s a closer look at the chart of GDP for you:


Chart courtesy of Worden

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Jeff White
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