Here are three equities I looked at today:
Conn’s, Inc. – CONN has had a large move up over the past two days. It is now overbought and may consolidate in the short-term. There will probably be some support around the $20 level because it was the top in early June and again on June 30th, which was the last day of the second quarter. It is also important psychologically because it is a round level. If I was long this stock, I would have my sell-stop around the $19.75 level…using the closing trade’s price instead of the intraday low. My long-term sell target price would be around the $27 level because these were the highs at the end of 2015 and seem to be the most clearly defined resistance levels that would be relevant.
Paratek Pharmaceuticals, Inc. – PRTK has been trading between $25.50 and $23.50 since the middle of June. Over the past few days $24 has been the low and it was todays close. If I was long this stock, I’d consider using $23.50 as my stop out and $25.50 as my short-term price target.
Select Comfort Corporation – SCSS found support recently around $30 in early June. A close below this level could be a sell signal. Longer-term, there is important resistance around the $35 level. It was the top in March and September of 2012, March of 2015, and again last month. In 2012 and 2015, each time was followed by a significant selloff. It may be a good idea to have a sell target around this level.