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Tuesday, May 06, 2008 

Stock Picks and Trade Ideas for Wednesday - AMD, DROOY, FSLR, CSIQ, RFMD

Chart courtesy of stockcharts ( click to enlarge )

RFMD - The bulls took control on stock after a small drop at the open. The stock had a strong move today before the earnings report. After the market closed, company reported an EPS in-line, revs in-line; guides Q1 EPS in-line and revs in-line with analyst expectations. In addition, RFMD announced that it is focusing its investments on RF components, including cellular front ends and other cellular handset components in its Cellular Products Group (CPG) and MPG's high-value RF components. RFMD is reducing its expenses in wireless systems, including cellular transceivers and GPS solutions. RFMD will continue to support current generations of POLARISĀ® products, including POLARIS 2 and POLARIS 3, at leading customers. RFMD expects these actions will eliminate approximately $75 million in annual product development expenses related to wireless systems. As a result, RFMD forecasts at least 10% non-GAAP operating income and double-digit return on invested capital (ROIC) by the end of the calendar year. Looking at the daily chart, RFMD looks like it is ready to resume the resistance line. If stock breaks above mentioned resistance prices then further upside is expected. Let's keep an eye on her.

Chart courtesy of stockcharts ( click to enlarge )

CSIQ - The break of the horizontal resistance line with heavy volume should be the next buy point on Canadian Solar. The technical daily chart above shows the stock is currently in the rally as MACD is above 0 and K line is rising on top of D line, both indicating buy signal.

Chart courtesy of stockcharts ( click to enlarge )

FSLR - As long as the stock continues finding resistance to break through its 20 DMA line, is likely that lower prices will follow.

Chart courtesy of stockcharts ( click to enlarge )

DROOY is sitting on a major trendline support at $7. Although the moving average of stock are showing weakness according to the technical chart above, as the stock is still trading below 50 day and 200 day moving average, there is one technical indicator showing some strength, stochastics.K line has crossed on top over D line indicating buy signal. Watch to see what it does here.
Chart courtesy of stockcharts ( click to enlarge )

AMD held above the breakout area and had another decent day. The $7.50 is the next resistance 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 day !!!


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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 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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