Stock pick for 12/02/2011
JOYG - long
Technical view: Another daily continuation pattern after Wednesday bears trap open. On the daily time frame we can see that is third try to break consolidation channel and yesterday action showed small range bar what result with continuation pattern. JOYG have swing potential if will break above $94 area and have room to run and reach $100 resistance area. It will be ideal if pace and volume after setup increase because 60 min time frame is little extended and in news market it can always be tricky, but after two 60 min buying waves it is ok to expect another one. On the chart I brought intraday stop and that is under 20sma 15 min what I will use when I will see action after setup.
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