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BJ’s Restaurants, Inc. (BJRI)

In today’s Daily Alert, Investors Intelligence Editor John Gray recommends a technically strong stock from a surging sector. You can find more information about how to read point and figure charts like the one below by clicking this link to visit the Investors Intelligence website.

“The restaurant sector bullish percentage...

In today’s Daily Alert, Investors Intelligence Editor John Gray recommends a technically strong stock from a surging sector. You can find more information about how to read point and figure charts like the one below by clicking this link to visit the Investors Intelligence website.

“The restaurant sector bullish percentage gained 2.08% on Monday. The chart’s present status is a positive ‘bear correction’ and ‘bull confirmed’ status is only whisker away at 64%, just 1.50% from the present level. Should that signal occur, we would then look for a visit to the March high at 84%.

“The one buy signal from the group on Monday was BJ’s Restaurants, Inc. (BJRI, $44). That chart is attempting to reassert the long-term uptrend off the 2009 low following a break of rising trendline support in May. If successful, the share could print a new all-time high in the months ahead. Longs are worth considering as the chart looks to be turning back to the upside. A stoploss could be placed just beneath the June low of $36.46.”

- John Gray & Michael Burke, Investors Intelligence, September 11, 2012