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Saturday, August 02, 2008 

Stock Picks and Trade Ideas for the week ahead - SIRO, NVDA, CIEN, RFMD

Chart courtesy of stockcharts ( click to enlarge )

RFMD - The stock saw huge rise in price in the last trading sessions after reported earnings that beat Wall Street estimatives. The stock broke out of an important resistance areawith excellent volume and it could be a nice continuation long for you swing-traders. If the stock is able to sustain above this level, then it might go to $3.92.

Chart courtesy of stockcharts ( click to enlarge )

CIEN - Looking at the daily chart of CIEN, we see that it has been on a long-term down trend from its 52-week high of $35.82 recorded in April 2008. On May, the stock definitively broke through the key support level at $32 where the 50-day moving average is positioned and tumbled considerably above average volume, giving us the sell signal. Since then, the stock has been in a clearly downtrend, trading currently near an important support at $19.30. If it breaks down this support, there is a chance to move down to the $17,50 area. The stock is currently in a downtrend.

Chart courtesy of stockcharts ( click to enlarge )

NVDA - I decided to pull up a daily chart of NVDA after looking at this sad chart. The daily showed me that it gapped lower early in July after the profit warning and basically made no significant movement since then, despite the markets being higher over that time. Apparently, that gap down took it under $12, which has now become resistance. Looking at the technical chart, the stock looks extremely weak as MACD is below 0 and KD is pointing downwards. If it breaks down the strong at $10.70, there is a chance to move down to the $10 area.

Chart courtesy of stockcharts ( click to enlarge )

SIRO - From the chart of Sirona Dental Systems we can note that the stock has been trading on a medium-term sideways consolidation in a broad range between $29.96 and $23.76 (from March to July). With this recent fall, the daily relative strength index (RSI) of the stock has re-entered into the bearish zone and the weekly RSI has also entered into this zone. The stock is trading well below its major moving averages. The stock has a strong support at $23.76. If the stock breaches this level on a close basis, then it might decline to $22.42.

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 !!!

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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