Oversold stocks to keep an eye Monday
Chart courtesy of stockchartsLevel 3 Communications dropped below $2.71 support levels yesterday just for minutes, suffering directly from economic worries on Wall Street. But it looks like the company may have bottomed out in the short term. LVLT has been punished quite recently after results, but at these levels we start to see some improvements in indicators. MACD fast line crossover slow line on Friday, so keep an eye on her, because I think the upward movement should be near. In addition, insider buying is very active on stock, they still buying high qty of shares. Keep LVLT in your watchlist…. Resistance at $2.95 and Support at $2.66
CIEN looks like is testing the support level, but if it breaks through that level there could be a quick drop. This has been a strong stock in a strong sector, and this could just be a buyable dip, but be careful because RSI and MACD look weak.
Chart courtesy of stockchartsYHOO - The optimism quickly faded and the Bull Run disappeared, and now YHOO is down about 25 percent from the 52 week high of $34.08. From my point of view, it looks like stock may has entered in a short-term oversold territory and a technical rebound should appear next week. Resistance : $27.36 Support : $25
RIMM had a recent breakout that quickly reversed. While the breakout looks to have failed for now, it is still trading near all time highs and is in a decent sector. So, pay attention for a possible reaction near $105 support level.
It looks like AMD is bouncing off a clearly defined support level. This looks like a good place to initiate a starter position for those that like to scale in. If you like to trade AMD, this level sould be a good entry point.
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
