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Saturday, March 18, 2006 

Dowjones & some stocks are now in Overbought conditions

Chart courtesy of stockcharts

The Dow Jones Industrial Average was up 26.81 points at 11,280.05, at its unofficial close, gaining 1.8% on the week. The S&P 500 rose 1.84 points to 1,307.17, registering a 2% weekly gain, while the Nasdaq Composite rose almost 7 points to 2,306.49, taking a 2% weekly gain.
Crude Oil have dropped 81 cents on Friday closing at $62.77 a barrel, but ended the week with a big jump of 4.7%.

Many stocks are now trading in Overbought conditions as CIEN, JDSU, PMCS,HANS, Etc... so we can see next week some profit taking in these stocks, if no news coming, it's my opinion based in the tecnical information.

According to the chart above the upside strenght of CIEN it seems to me that are slowing, take a look at the fullstochastic, if I'm correct please be careful in this stock if we broke the 5$ and 4.72 level.

Chart courtesy of stockcharts

JDSU was one of my favourite stocks of last 6 months , I have mentioned here some times, this stock already went up more than 125% since October of 2005, and have touched on thursday in a new year high, but now I think that could be a time to take some profits because had a great movement and is now trading in Overbought conditions and in the top of the trend. It's my opinion !!

That's All. Have a great weekend !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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