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Saturday, July 12, 2008 

Stock Picks and Trade Ideas for Next week - AMAT, INTC, QCOM, KLAC

Chart courtesy of stockcharts ( click to enlarge )

KLAC - This weeks price action suggests that we have some kind a bottom around $35. Currently the stock is trading in a basic technical analysis pattern known as the “downtrend channel”. The daily chart shows that KLA-Tencor share price is in a downtrend with a possible breakout around $41. It has tested that level Monday but failed to stay above the $41 mark. There is nothing positive about the technical chart. All other indicators still point to a bear market.

Chart courtesy of stockcharts ( click to enlarge )

QCOM has just tested its medium-term uptrend line support at $44 and rebounded. Further test of this uptrend line is possible. If the uptrend line is not violated, this could be a good entry to a solid stock, which is trading at a PE of 23.35 times. The technical chart shows the stock is in a very strong upward momentum as both 50 day and 200 day moving averages are going up along with the stock. MACD and KD als shows the stock is currently in a bullish market. Based on the technical indicators I expect a move up to $50.81 in the coming sessions.

Chart courtesy of stockcharts ( click to enlarge )

INTC - Intel has a mixed technical chart at this point. The stock broke support at $21.79 early this month and broke below its 50 and 200 day moving averages. Next support is at $19.38. Intermediate trend remains neutral. Short term momentum indicators such as MACD, RSI, Stochastics are substantially oversold, but not yet show signs of a recovery. It is tempting to go long, but staying away is far better than losing some money !! Wait for a clear confirmation.

Chart courtesy of stockcharts ( click to enlarge )

AMAT -Support has been broken which suggests further losses. The stock is now extremely oversold and any pull back will attract new shorts. Use the support level that was broken as resistance for your new stop-loss point on the short.

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 for more Trade Ideas !!!

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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