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Invested Central Chart of the Day 6.29.10

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Published on Jun 28, 2010

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CTRP is a $5.9 billion consumer discretionary company that provides travel services for hotel accommodations, airline tickets, and packaged tours in the People's Republic of China. The consumer discretionary ETF (XLY) is at a key support level, so we focused our efforts on finding a healty consumer discretionary stock to consider on any further weakness. CTRP was at the top of the list. It consolidated in an ascending triangle for months before breaking out recently above the $40.75-$41.00 level on heavy, confirming volume. We are now looking for a pullback to consider entry. There are two levels to consider. The first would be the 20 day EMA. We like entry on 20 day tests, particularly if the MACD was still climbing on the recent high in price. In this case, CTRP's MACD was quite strong at its recent high. The second entry would be at solid price support in that $40.75-$41.00 area. The 50 day SMA could be used as a closing stop area. To the upside, look for another move to test $46.00, especially if the market cooperates overall. If the XLY closes beneath the $15.45 price support area, be cautious on all discretionary stocks.

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