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Thursday, August 21, 2008 

Stock Picks and Trade Ideas for Friday - QCOM, BIDU, LEH, RMBS

Chart courtesy of stockcharts ( click to enlarge )

RMBS was the strongest stock on Thursday. It has crossed its medium term resistance at $15.78 ( 20 EMA ) with strong volume. The technical daily chart shows the stock is back to a new rally as K line has just crossed on top over D line and MACD signal is still on top of 0 showing strength for the short term. A move above $16.34 opens the door to $17. I'm still Bullish on Rambus at this point.

Chart courtesy of stockcharts ( click to enlarge )

LEH - The stock has support at $12.5. If the stock is able to sustain above this level, then it might go to $15 and then even to $16.76 ( 20 EMA). Support after $12.50 is at $11.92. Despite weak signal from MACD in the technical daily chart as MACD and signal line are below 0, the technical chart shows this might be a great time to buy the stock as K line has just crossed on top over D line showing buy signal while ROC is still at oversold level.. Nevertheless the stock is currently in a downtrend.

Chart courtesy of stockcharts ( click to enlarge )

BIDU crossed its immediate resistance yesterday. It has a good base at $300 which can be used as a stop loss for long position. On the upper side, the move is likely to accelerate above $327.

Chart courtesy of stockcharts ( click to enlarge )

QCOM had a nice surge a few weeks ago and has been consolidating that move since then. Looking at technical chart, the stock price is making higher highs and higher lows, that time frame is considered to be in an up trend. However there are some negative divergences on the technical indicators, such MACD and Full Stochastic. If it holds this area then a reasonable target is near $57.

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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