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Saturday, May 10, 2008 

Stock Picks and Trade Ideas for the week ahead - NITE,TRN, TTEK, AMZN, LDK, RIMM

Chart courtesy of stockcharts ( click to enlarge )

RIMM broke out of its ascending triangle on strong volume and hit my price target in the $130’s. Currently RIMM has consolidated into a tight pattern and could be bought for a trade on a break of $135.85. This is not a swing candidate, but a day trade candidate on a break of $135.85 on strong volume. The technical chart shows the stock is in a strong Bull market as the stock is above 50 and 200 day moving average and both going up. In addition, MACD still show buy signal as MACD is still above signal line.

Chart courtesy of stockcharts ( click to enlarge )

LDK is in an ascending triangle pattern with strong support at the uptrend line and resistance at the horizontal line. Buy point is on the day it breaks $37.50 on heavy volume.

Chart courtesy of stockcharts ( click to enlarge )

AMZN - Amazon has come down a bit here in recent days. It appears that the correction may be close to an end since it is approaching of its main support at $70. This may be a good spot to get in, with a stop under the recent lows if the timing is wrong.

Chart courtesy of stockcharts ( click to enlarge )

TTEK - The stock looks to be consolidating nicely since its last breakout on big volume. Technically, the stock could go either way but my bias is to the upside given the strong earnings reported. In addition, the chart shows very positive signal as the 50 day moving average is near to cross over 200 day moving average to form Golden Cross, a very Bullish signal.

Chart courtesy of stockcharts ( click to enlarge )

TRN is in a bullish pennant triangle formation with resistance at $32.60 and a price target of about $34.70. The technical chart shows TRN is in a strong bull market rally as MACD is on top of signal line and K line is on top of D line. Plus, the long term trend is also bullish as the stock is above 50 day and 200 day moving averages. This is just a few of my longs that I have kept.

Chart courtesy of stockcharts ( click to enlarge )

NITE - The stock may find support at $26.2 while its 20-day moving average of $28.19 might act as the potential resistance level. Present technical indicators are not in favor of Bulls, however buy point on stock is on the day it breaks the short term resistance of its 20-day moving average.

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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