Potential Breakout Time for Mentor Graphics (MENT)
06/22/2010 12:01 am EST
Quick trades can be among the best kind, keeping capital tied up for a limited time and offering fast gains when they do their thing.
Mentor Graphics Corp (MENT) is one I’m eyeing for such a trade. The stock has been quite active of late, moving all over the map within a two-dollar range for the past several months. Key resistance is now just overhead and is being tested on the current bounce. Even better, volume has been spiking with advances of late, pointing to solid participation on the buy side.
We may see a breakout occur in MENT any day now, so I’ve got it on my radar for a trade if it can push through the $9.75 resistance area. This one hasn’t shown a lot of recent continuation, so it isn’t one I’m planning to keep a long time—just long enough to get paid and move on to the next idea!
By Jeff White of The Stock Bandit