Stocks to watch tomorrow - RIMM, CREE, MT
CREE - This stock has been is on a remarkable run since last month and it doesn’t looks like the trend will change soon. Today stock broke out an important resistance at $34.80 with heavy volume. After today session, stock has now the chance to start a new rally as K line is now back on top over D line indicating buy signal. If MACD can also be back to 0 then there will be more buyers coming back for the stock. Keep CREE in your watchlist.
RIMM - In the last trading sessions, the stock found resistance around its downtrend line and declined. This is usually a negative signal. Recently good news has brought the stock back up again but with the stock approaching resistance at $110 it is better to wait right now and wait to see if the stock can break above the resistance. This stock may go down ( probably to its 50-day moving average ) before it goes back up.
MT - The stock should pause around its resistance at $80 after recent rally in share price. The recent action in MT is very promising. Last month stock aggressively moved off its lows of $55.63 to rally till near $79 with a volume above average. A possible breakout over $80 is very likely in the sessions ahead. However, the stock needs a rest here and I'd would like to see a healthy pullback to work off overbought conditions.
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
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
Hi AC,
I am looking at the chart of RIMM and the question I have is how come he didn't use the high point to draw the trendline rather than the high point in the body to draw it?
Because when I did that, the last 4 days goes above the trendline and it seems like a breakout.
Appreciate for your comment.
brandon
Posted by
Anonymous |
12:45 AM
Hello Branson, thank you so much for your remark. Well, from a technical view you're right I should draw the line through the high point. However as you know, in this kind of charts sometimes is difficult to draw the trend line, but in this case my opinion was just based to focus on fact that it seems to early take some long position at this level. If you analyze carefully the last two sessions after rally, stock haven't found strength enough to break through $110, so I prefer transmit to all the fact that it should be suffering the pressure of the downtrend ( even slightly above that ) instead send the message of breakout, probably I'm wrong, but in this undecided market I prefer express a message of caution rather than euphoria. This was the reason. Branson, feel free to contact me for more explanations. To all readers : I don’t have shares of RIMM.
Kindest Regards,
AC
Posted by
Anonymous |
10:16 AM
Thank you AC for your respond. It is very informative and give me an additional arsenal to look for on my review of chart next time.
brandon
Posted by
All About Health |
3:29 PM