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Monday, August 11, 2008 

Stock Picks and Trade Ideas for Tuesday - RMBS, RIMM, BIDZ, BIDU

Chart courtesy of stockcharts ( click to enlarge )

BIDU has support at $300. If the stock sustains above this level, then it might go to $319.78 (20 DMA).On the downside, support after $300 is at $287.23. The technical chart shows the stock is in a bear market as it is way below both 50 day and 200 day moving average. All indicators still point to a bear market. The trend is currently down.

Chart courtesy of stockcharts ( click to enlarge )

BIDZ - The stock has seen huge rise in prices in the last few sessions. It has resistance at $10.80. If the stock is unable to cross this level, then it might decline to $10.27. Support after $10.27 is at $9.50. On the upside, if the stock crosses its downtrend line and sustains above it, then it might go to $11.98.

Chart courtesy of stockcharts ( click to enlarge )

RIMM is currently in an uptrend and has seen huge uprise in prices. Nearest resistance for the stock is at $135. If this level is crossed, then the stock may see further buying interest. On the downside, support is at $125.10 ( 50 DMA ). If $125.10 is broken, then the stock may decline to $118.43 ( 20 DMA) or even $114.95 (200 DMA).

Chart courtesy of stockcharts ( click to enlarge )

RMBS ( update ) - On the technical daily chart, a pattern of higher lows is supported by a pattern of higher MACD. The MACD line is rising and is above its signal line. The stock closed above its 20 day-moving average, generally a Bullish sign. Are the technical signs suggesting that RMBS is about to break out of its downtrend line? I think so. Looking closely at the daily chart I think that the downtrend line was finally broken, but in need to know if tomorrow the stock will follow through in the upward direction. A decisive break of the downtrend line signals an end of the trend, and offers a trading opportunity to buy. So, stay tuned on it. Let's see what happen.

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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