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Friday, May 23, 2008 

Stock Picks and Trade Ideas for Friday - POT ,MOS, STP, ESLR

Chart courtesy of stockcharts ( click to enlarge )

ESLR was one of the stronger stocks today. Evergreen Solar rises sharply on Thursday as the solar panel maker announced $1 billion in contracts after a challenging start-up of its new factory north of Boston.The news brought out bullish players in the options market, who bought June call options at a $12.50 strike price (that's out of the money), betting that the stock will continue to rise. Analysts expect Evergreen Solar to report about $122 million in revenue this year, $394 million in 2009 and $685 million in 2010, according to a survey of FactSet Research. The stock attempted a breakout today but pulled back with the markets in the afternoon. But looking closely at the volume on today session, I suspect that these contracts attracted a large number of investors, more than 47 million of shares were traded. The technical chart is showing that the stock is on a bounce back rally after it lost more than 50% of it value. RSI is turning up and is now at 60 level. Then the MACD indicator is rising above 0 also indicating a buy, and KD line still show the stock is on the positive swing. In my opinion, this stock has been undervalued relative to the sector, and I believe we're going to see a lot more of these large contracts globally for ESLR.

Additional note : S&P on Thursday reiterated its buy rating on Evergreen Solar. S&P said the move more than doubles Evergreen Solar's previous backlog of approximately $850 million. "We think this added scale will benefit Evergreen Solar and also provide needed diversity to its customer base," S&P said in a note to clients.

Chart courtesy of stockcharts ( click to enlarge )

STP - Suntech Power Holdings Co Ltd reported better then expected earnings, but failed to break its at $50.42 ( 200 day-moving average ). This would be a good opportunity to add position. A potential re-entry would be on take-out of high at $50. It looks well supported at $42.50 - the last swing target, which was taken out decisively early on Apr 08 and now serves as the support. The resistance now is at $51.75 which if taken out could lead to more gains. We need to see what happen to project the next swing target. Let's keep an eye on her.

Chart courtesy of stockcharts ( click to enlarge )

MOS has more resistance above then support below. I am watching to see if it breaks lower here ( 50-day moving average ) or if it will attempt to make a push to the $132 area again.

Chart courtesy of stockcharts ( click to enlarge )

POT - The stock is holding above the 20-day moving average at $196.48. Short-term investors can hold the stock as long as it trades above this support. Any close below $196 would indicate that this current rally may be near the end.

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 great day !!!

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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