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Sunday, June 03, 2007 

Trade Ideas for next week !!!

Chart courtesy of stockcharts

CMGI breakout the ASCENDING TRIANGLE. The technical chart above show that the stock is now in a rally after breakout today a key resistance level 2.50$ , overall technical picture show stock still in Bull market trading above 50 day and 200 day moving average. For me It'll be not a surprise if we see at this level a short covering. Support is now the previous resistance area 2.50$.

Chart courtesy of stockcharts

Brocade Communications shares were down on Friday 8.17% or 0.75$ to 8.44$ after company reported a sharp decline in second-quarter earnings. Brocade Communications Systems reported break-even earnings per share, or income of $843,000, down from 5 cents per share, or income of $13.5 million, in the year-ago period. Looking at the daily chart we can see that stock still in a downtrend since March. On Friday for the first since August 2006 stock have closed below the 200 daily moving average with a strong volume, which mean a Bearish signal for stock. RSI shows a clear weakness in investor confidence, and MACD still below0. Stock very soon will probably visit 8.19 support area, according to the technical analyse based on the chart above.

Chart courtesy of stockcharts

Keep an eye on PKD shares next week for a possible breakout over 11.98$.

Chart courtesy of stockcharts

Keep an eye on AVT shares next week for a possible breakout over 43,71$.

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 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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