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Thursday, August 07, 2008 

Stock Picks and Trade Ideas for Friday - CIEN, SNDK, TRN, RIMM,

Chart courtesy of stockcharts ( click to enlarge )

RIMM - This stock chart is looking very strong right now and if price breaksout above $129 share, I think we could see a strong short term move to $140.Hold with a stop at $120.

Chart courtesy of stockcharts ( click to enlarge )

The stock has short-term support in the band between $36.14 and $36. A slide below $36 can drag the stock price to $35.14. Hold the stock with a stop at $36. The stock price needs to rally above $38 before fresh investments can be made in this stock.

Chart courtesy of stockcharts ( click to enlarge )

SNDK - This breakout suggests a possible move to fill the gap in the low 18 area which implies a possible 15%+ potential gain here.

Chart courtesy of stockcharts ( click to enlarge )

CIEN - The stock has made a new 52-week low at $16.34 a share, closing the day at $16.39. I will take long positions at this point hoping that this stock has reached the bottom. The reason for that is due to the fact that the stock has traded a huge amount of shares, probably a sign of capitulation. Could this be the reversal ? I'm betting it is...........let's see....

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

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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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