Stock Picks and Trade Ideas for Wednesday - GOOG, CELG, MA, SNDK
Shares of Sandisk fell sharply Tuesday to a new 52 week low as the maker of flash chips was the subject of another bearish Wall Street note. Kevin Vassily analyst of Pacific Crest Securities cut his financial estimates for SanDisk's second quarter and 2008 year, citing a market "awash in supply" of flash chips that has led to rock-bottom prices and is showing signs of lingering well into the future. Looking at the daily chart, the picture is really ugly. The stock is in a clear downtrend mode and it is still to early to say that the downtrend has ended, however the chart is showing signals of extremely oversold conditions which can lead to powerful rallies in response.
Chart courtesy of stockcharts ( click to enlarge )MA - From the above chart patterns, it looks like a head and shoulder formation with a neckline around $260. A reversal at or below $260 would validate the chart pattern and then I will consider a short on the break of the neckline. But until that happen I remain flat, waiting for confirmation.
Chart courtesy of stockcharts ( click to enlarge )Celgene shares surged 8.4 on Tuesday as a potential competitor to its bone-marrow cancer treatment in Europe failed a late-stage clinical trial. The stock broke out today on pretty good volume, we’ll see if it can continue or not.
GOOG - From a technical perspective based in the chart, I still think the stock will fill the gap and and trade back into 460 area. The technical indicators continue to show signs of weakness.
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 Tomorrow !!!
AC
