Swing Trade Ideas: X and NLST

Hello, Hope everyone had a happy New Year!  I'm sure that 2012 will present many opportunities for making profits.  As long as the market shows strength this week, I'll be looking to swing trade a couple of stocks.  I'm also evaluating my next moves to my 401k.  I will write about that in a separate blog post.

First $X, US Steel, looks like it is bouncing off its lower trend line dating back to October. The top of the channel looks to be around $32, which is also price resistance and heading toward the 200ma.  So, an entry from around 26.8 would produce around 18%. The stock is currently holding over the 20 and 50ma, which can represent stop points, and is pushing through its long-term down trend channel top.  Entry around $26.8. First target around $30, then $32.  Kinda loose stop around $25.

Second, $NLST is a stock I bought into with a small position on Friday. The stock had a huge run up in November, pulled back in a bullish descending wedge.  On Friday, it bounced off its 50ma and lower upward trend line (from October) with some decent volume.  The MACD and Stochastics look like they are setting up for an upward move.  Based on previous price action in November, this stock can move. My entry was 2.44, My first target is around $3, then 3.30, then 4.00.  Stop at the 50ma.

~JP