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Monday, October 22, 2007 

Trade Ideas for Tuesday - RIMM , GRMN , NLY

Chart courtesy of stockcharts

Shares of Garmin were up today more than 4% to $115.18 after Pacific Crest upgrade stock to Outperform from Sector Perform. The daily chart shows the investors saw buying opportunity as the stock dropped near 20 day moving averagel. Technical indicators such as KD and MACD also show buy signal as K line has just crossed on top over D line again and MACD is on top of 0. The long term trend is positive as the stock is trading upwards along with both 50 day and 200 day moving averages. Stock has now a resistance at $116.87 and support at $110. Keep an eye on GRMN for a possible breakout over $116.87.

Chart courtesy of stockcharts

The chart suggests a strong confidence in Research in Motion, however there are possible two scenarios in the near term : 1º Possible breakdown of the trend line mentioned in the chart at $108 º Possible breakout over $118.80 to all time highs . KD is showing weakness as K line has dropped below D line which is why the stock has pulled back recently. Nevertheless the long term trend shows the stock is in bull market . So, keep an eye on RIMM.

Chart courtesy of stockcharts

NLY may be ready to breakout !!
Looking at the chart above stock has had a nice run over the past two months and may be ready now for a possible breakout over $16.65. I'll be Bullish in this stock if breakout this area.

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 evening !!!

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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