It has been seen in recent weeks that stocks seem to trading based on their own charts rather than mirroring what the indexes are doing. As such there are several opportunities this week that have a life of their own.

UTSI (Friday Close at 7.24)

Using the long-term weekly charts UTSI seems to be in the process of building a rounded bottom (one of the strongest formations in charting). During the past 2 years, after the initial drop from $42 to $12, UTSI has gotten into a rounded bottom scenario with a subsequent "shoulder" at 6.70, the "head" at 5.19, and now the potential right "shoulder" somewhere around last week's low at 6.95.

9 of the last 10 weeks UTSI has closed lower than the previous week. It is now in an oversold condition and reaching long-term support levels associated with a possible rounded bottom. After reaching the 6.95 level on Tuesday UTSI rallied 57 points thus giving the first minor signal that a possible low has been seen.

There is strong support at 6.58 and 6.70 seen on the weekly charts and possibly strong support also at 6.95 (last week's low). There is decent resistance at 7.68 both from the 20-day MA as well as a couple of important daily closing lows there. Above that price resistance will be very strong at 8.25, at 8.78 and major at 9.25. Probable objective of this trade, if the low has been found, is likely to be 9.25.

Purchases of UTSI can be made between 7.00 and 7.22 with a 6.52 stop loss order. Risk/reward ratio on the trade is 4-1.

My rating on the trade is a 7 (on a scale of 1-10 with the strongest probability rating being 10).

TRLG (Friday close at 15.00)

TRLG has been teetering on the verge of collapse and Friday's close was near a breakdown point.

Back in November of last year TRLG must have had a very negative report as it gapped down from 19.76 all the way down to 16.60. After reaching a low of 14.65 TRLG was able to rally back up to 19.40 but was unable to close the gap up to 19.76 and began giving up all the gains it accomplished.

During the last 6 weeks TRLG has traded between a low of 14.90 and a high of 16.54 but just this last week it attempted to get above the 20-day MA and failed. It closed Friday at the lowest level in 6 weeks and one of the three lowest closes in the past 5 months.

In TRLG the lowest close in the past 5 months has been 14.88 and the lowest intra-day level has been 14.65. There is no support of consequence below 14.88 until the 12.00 level is seen. A daily close below 14.88 should generate a drop to that price over a short period of time.

Sales of TRLG should be instituted on a close below 14.82 or on an intra-day move below 14.65. If shorted, stops should be placed just above 15.62 giving the trade a 4-1 risk/reward ratio.

This is a high probability trade if the scenario explained above comes to pass. My rating on the trade is a 7.5 (on a scale of 1-10 with the strongest probability rating being 10).

MWA (Friday close at 15.85)

MWA has been, since its inception in June of last year, an almost perfect trading range stock with consistent rallies and drops of about $2-$3. If you remember, about 4 weeks ago I mentioned buying this stock at 13.60 (traded as low as 13.40 thereafter) looking for a rally to the high 15's. Well the rally did occur and the trade would have been successful. Now MWA seems to be ready to go in the opposite direction.

In addition, during the past three rallies, MWA found strong resistance between 16.04-16.31. It looks probable it will find the same resistance this time.

MWA has left a gap between 14.65 and 14.75 which should work as a magnet and the overall trend for the last 11 months has been very slightly bearish. This stock has so far been perfect as a trading range vehicle and has reached the high end of its well-defined trading range. There is no reason to believe that on this occasion it will be different.

Sales of MWA on any rally above 16.00 should be instituted with a stop loss order at 16.50 and an objective of at least 14.00 with a good possibility of 13.60. Risk/reward ratio is at least 4-1.

My rating on the trade is a 7.5 (on a scale of 1-10 with the strongest probability rating being 10).

COGO (Friday closing price 18.10)

COGO is a short-term mention that has a very low risk factor and is a trade that could turn out to be a small homerun. COGO recently tested the 4-year high at 19.90 and failed to get above. Two weeks later it dropped down to the 20-week MA at 17.23 and has built, over the last two weeks, what looks like an inverted flag formation on the daily charts. If broken would have an objective down to the mid 15's.

During the last two weeks COGO has traded between the 20 and 50 day MA and on Friday it attempted to get above the 20-day MA but failed, sold off, and closed below the previous day's close.

The daily chart looks short-term bearish and the weekly chart looks pressured based on the failure to make news highs above 19.90.

A sale of COGO between 18.15 and 18.30, using a stop loss order at 18.58, and a first objective of the bottom of the inverted flag at 17.23 would offer about a 3-1 risk/reward ratio. A break below 17.23, which is support, bottom of the inverted flag, as well as the 50-day MA would give an objective of 15.20-15.40 where a strong weekly low as well as the 50-weeK MA.

This trade depends largely on the failure to follow-thru above the 20-day MA on Friday and subsequent close in the red. In addition, the weakness brought into the chart because of the recent failure to break the 4-year high at 19.90. A drop to 17.23 has a better than decent chance to occur and the drop down to the 15.40 level could easily happen if that support fails.

My rating on the trade is a 6.5 (on a scale of 1-10 with the strongest probability rating being 10).