The Play Of The Day
10-08-99 08:12 EST.
As Predicted! September Employment Report comes in A, OK!
Good Morning Stock Fans!
Today's Play of The Day is: Paradyne Networks (NASDAQ:PDYN)
Headquartered in Tampa Bay, Fla., Paradyne (NASDAQ:PDYN) is a leading innovator, developer and manufacturer of broadband network access products and technology. The company is recognized as a market leader in Digital Subscriber Line, T1 and Service Level Management products.
Paradyne (NASDAQ:PDYN) went public on July 16.1999. Its first public trade was $50.00. It went on to trade over 12 million shares that day as it would go as high as $58.00. It has not been as high since then. In fact it over the past 2 months on much less volume sold all the way down to as low as $25.75 a share on October 4, 1999. Since then it has had a nice bounce off the bottom as volume has increased pushing this "Cable Guy! [high speed broad access to the Internet related company) back up and over the $30.00 price area.
Yesterday the stock which normally trades 516,000 shares (based on its 30 day current average volume) traded over 1.5 million shares as it enjoyed a $2.00 increase to close at $32.81250 per share.
I am looking for this stock to continue to move up from here as it again based on its volume over the past few days has interest to the buy side. Looking at it current trading pattern it suggests that it should now on increased volume over its 30 day average of 516,000 shares should make its way back up to $35.8750-$38.50. Near the $38.00 area (NASDAQ:PDYN) has should encounter resistance as it has 3 lines on it trading bar trading graph at this price representing either a close high/ask or low bid. (NASDAQ:PDYN) based on all the previous information I have provided here to be a great stock to "Swing Trade" ( 3 days to 3 weeks) back up and over 38.00 a share.
Buy Area: $30.50-30.93750
Sell Stop: $28.8750
TARGET: $35.8750-$38.50 (3 - 10 trading days-perhaps today)!
I am going to be adding a page here at BIGPLAYSTOCKS.com called Play of the Day! REPLAY! On this page I am going to be updating you all on what I am doing with all of the Plays that I have recently selected. I will give new targets, new sell stops, and I will provide any news that will cause any kind of changes in a Play I have recently selected. If a stock is just not looking to do much because of less volume on it. I will update you all on these changes as well. What the page will do is give you all a better idea of what to do with a Play after I have selected it. Look for this page to come in the next week or so!
Have a great day!
More to come.....