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Friday, July 04, 2008 

Stock Picks and Trade Ideas for Next week - PCLN, POT, MOS, RFMD, MRVL

Chart courtesy of stockcharts ( click to enlarge )

The stock is pulling back after recent strong move up. If it does not catch support here on its 20 day moving average, look for support at the $16. The technical daily chart above shows that MACD fast line has fallen below slow line which could mean that this stock is losing momentum. Overall still bullish, but negative momentum is on the rise. Stay tuned on Marvell Technology group.

Chart courtesy of stockcharts ( click to enlarge )

RFMD - The short term rally ended in June when the uptrend failed to break resistance at $4.27. Since then RF Micro Devices has been losing ground and has lost more than 30% or $1.27 in the last one month since June 9, 2008. Expect the short-term downtrend to test support at $2.70. Given the current economic climate, this scenario is likely. If RFMD breaks this support, the bottom could be around $2.52. The initial target of the short-term downtrend is support at $2.7.

Chart courtesy of stockcharts ( click to enlarge )

MOS - Depending on how you draw the uptrend the recent plunge to $130 appears to have broken the uptrend line, but as the margin of the break is very small according to this chart, we need to wait for a clear confirmation with heavy volume. When this loosely drawn uptrend is broken expect a move to $110 level and eventually $98.65. Good luck to those who think this is a buying opportunity based on the patterns from October to June 2008.

Chart courtesy of stockcharts ( click to enlarge )

POT is holding above the 50 day moving average, closing just under that level Friday. Any close below $209.11 in my view turns this stock medium term bearish. In addition, MACD is very week, heading for zero with falling rally, downside pressure could intensify at any time. So a close below $209.11 would be our next important signal to watch for.

Chart courtesy of stockcharts ( click to enlarge )

PCLN - Looking at the daily chart, it shows that the 3-month uptrend line was broken recently with heavy volume on this break, which confirmed the validity of the sell signal. There was a recovery, which attempted to retest the trend line, but this move failed and prices headed back down to near the major support at $105. From a technical point of view, the stock is now in a very strong downward momentum trading below the 50 day and 200 day moving averages. MACD and KD als shows the stock is currently in a bearish market.

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. See you Monday !!! Enjoy your 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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