Pullback plays
July 28th, 2010
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RBCN pulled back from $36 to $30 in just 24 hours. This is close to the 50 day too. Everytime it kisses the 50 day, it jumps back up and the 50 day has been a great support. If you missed the breakout couple of days back, this is a great setup to buy right here. Youcan cut your loss if this closes below $29.
MELI also pulled back towards it’s pivot of $62.5-$63. We think that you can buy this great stock right here.
We opened a small position in IGTE as it has been consolidating on it’s 10 day around $17.
Keep an eye on IDSA. It is around the $16 level now. We are waiting for it to pullback toward$ 15-$15.25 level.
So far, some of the leaders pulled back and they are worth giving it another shot here.