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Sunday, May 20, 2007 

Stocks in an uptrend momentum : AAPL , CVX

Chart courtesy of stockcharts

The daily chart of Chevron suggests a strong confidence in stock, a clear uptrend momentum. Over the past three months, Chevron stock has had incredible buying pressure following the prices of gas, and ended up 1.71% percent on Friday, reaching a new 52 week high at 82.92$. Stock is trading in a breakout mode, so short stock at this level could be a strong mistake, I think.

Chart courtesy of stockcharts

Apple stock looks like to me the best play in tech today, over the past two months ( April and May ), stock has had and incredible buying pressure and strong confidence showed by investors, that still believing in stock as indicators in the chart above show.
The daily chart show a continuation of the trend with MACD and RSI in the Bullish areas, the stock is in a strong bull market with both 50 day and 200 day moving average going up, however in overbought conditions. Indicators are all in favor of Bulls with K line above D line and MACD back above 0. In addition stock is trading above 50 dma and 200 dma = Bullish Mode. Apple is actually my favorite stock.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's all. Have a nice Sunday !!!

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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