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Wednesday, May 28, 2008 

Stock Picks and Trade Ideas for Thursday - ITWO, UBB, JOYG, RIMM, ESLR

Chart courtesy of stockcharts ( click to enlarge )

My new big pick is ESLR. Evergreen Solar, Inc. develops, manufactures, and markets solar power products primarily in Europe and the United States. It utilizes its proprietary ?String Ribbon' technology process in manufacturing ribbons of crystalline silicon, which are then cut into wafers. These wafers are the primary components of photovoltaic cells that are used to produce solar panels. The company principally offers solar wafer, a flat piece of crystalline silicon that can be processed and assembled into a solar cell; solar cell, a device made from a silicon wafer that converts sunlight into electricity; and solar panel, an assembly of solar cells that are electrically interconnected and laminated for electric power generation, such as on-grid and off-grid generation. Evergreen sells its products through distributors, systems integrators, and value-added resellers. It has a strategic partnership with Q-Cells AG. The company was founded in 1994 and is headquartered in Marlboro, Massachusetts. Looking at the daily chart of the company, the stock has been consolidating in a flag Bullish pattern, which was broken today. Currently brokers are recommending this stock, with five "strong buys", eight "buys", eleven "holds", one "underperform" and just one "sell". Early in the morning, Kaufman Bros. initiated ESLR with a BUY and a price target of $18, citing that Evergreen Solar is well positioned to take advantage of a decline in raw material costs because it makes its own wafers on its own equipment. Over the past 52 weeks, the stock has traded between $7.52 and $18.85. ESLR remains strong and a break above $12.12 would be Bullish. In addition KD line shows positive signal as K line is rising on top over D line and MACD is above the sell line. Honestly, speaking ESLR is one of my favourite stocks in the solar sector. Keep an eye on it !!!!

Chart courtesy of stockcharts ( click to enlarge )

RIMM has held up better than the other stocks and bounced off suport with expanding volume. The daily chart shows the stock is on a strong bull market as the stock is trading above 50 day and 200 day moving with both moving average pointing upwards. Other indicators such as KD line also show buy signal as K line has crossed on top over D line.

Chart courtesy of stockcharts ( click to enlarge )

JOYG will push through resistance at $77.97 ( 20-day moving average ) if Nasdaq makes a move up.

Chart courtesy of stockcharts ( click to enlarge )

UBB is consolidating between $140 and $150 and today upside volume was above average last week. Watch $151 for a Breakout.

Chart courtesy of stockcharts ( click to enlarge )

ITWO - The stock broke symmetrical triangle resistance with a long white candlestick today. This is a bullish pattern and a move above $11.50 would provide confirmation. Let's keep an eye on her.

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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