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Thursday, June 12, 2008 

Stock Picks and Trade Ideas for Friday - CME, CIEN, AAPL, ESLR

Chart courtesy of stockcharts ( click to enlarge )

Shares of Evergreen rose Thursday nearly 4% as analyst Mark Bachman from Pacific Crest began covering the stock with a "Buy"-equivalent rating on the shares and a $17 price target, implying growth of nearly 90 percent over its closing price Wednesday of $9.15. Mark said Thursday in a client note that the vertically integrated company is one of the main low-cost producers in the sector. He also said the company should be able to reduce the silicon content of its solar wafers to 2.5 grams per watt, or 13 cents per watt. That contrasts with the current industry average of about 7 grams per watt, or 35 cents per watt. Silicon is one of the industry's main expenses. ESLR is part of the Solar sector and formed a falling wedge. Upside volume is picking up and a break above $9.50 would be bullish, a break above this level opens initially the door to $10. In addition, the stock has the opportunity to start new rally as K line is back above D line. Stay tuned on it.

Chart courtesy of stockcharts ( click to enlarge )

I recommend a sell in AAPLE from a short perspective. It is clearly visible from the chart of AAPLE that the stock has been moving sideways since Last month in a range between $192 and $177 and today broke the channel. I expect the stock to decline to $160 level in the short-term. Almost all indicators as MACD, RSI and Stochastic are showing me to exit the long side. Investors with a short-term perspective can sell the stock with stop-loss at $177.

Chart courtesy of stockcharts ( click to enlarge )

CIEN - The stock is entering a support zone around $27,42-$25.25 from the Feb-March consolidation.

Chart courtesy of stockcharts ( click to enlarge )

CME has been trying to bottom for a couple of days now. There have been some pretty bullish candles forming and it seems to me like it is ready to turn up. If not, at least there is a clear area to put in a stop and scratch the trade. Hold it with a stop loss around its 52 week low of $374.31.

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 !!!

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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