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3 Stocks To Watch This Week

Adam Hewison - MarketClub

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2 Stocks To Watch

Eli Lilly and Company (NYSE:LLY), developer, manufacturer and seller of pharmaceutical products worldwide, had a new monthly Trade Triangle today at $51.62 and in doing so also broke above an 8-month long-term downtrend line. This stock is clearly in an uptrend and I would want to treat it and approach it from the long side.

My upside target for this stock is $57-$58. As always, I will be using the weekly Trade Triangle for any subsequent exits and entries.

Information technology (IT) and infrastructure management software company, Solarwinds (NYSE:SWI), appears to have completed a 61.8% Fibonacci correction from its highs set back in September of 2012 around the $60 area. With today’s appearance of a new monthly green Trade Triangle, the trend has once again turned back up, indicating that the stock should be moving higher at least to the $45 level. This level would represent a 50% recovery from the major correction. Today’s monthly Trade Triangle signal came in at $39.15, and the market is trading just a little below that level at the moment.
Remember Groupon?

Remember Groupon (NASDAQ:GRPN)? The discount online company that gives you deals on everything from facials to kayak rides? Well, it popped up on my radar screen today thanks to a new monthly Trade Triangle signal. The signal came in at $12.31 and looking at the longer-term picture for Groupon, it would appear as though this stock could get back to the $16.75 level. This would represent a 61.8% Fibonacci retracement. Is someone or something breathing new life into Groupon? At least it appears that way on the chart.

A word of caution, we are still in thin holiday trading markets and will remain there until everyone returns from vacations and gets serious about trading the markets next week.

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