Stock Picks and Trade Ideas for the week ahead - SIRI, MPEL, LDK, CIEN
CIEN showed a bullish movement on Friday when it closed the resistance at $18.69 accompanied with a large volume of about 5.5 M shares. The MACD has currently crossed above the signal line indicating a buy. From mid-May to mid-August this year, the stock lost half its value. The stock looks attractive at current levels, considering the good fundamentals of the company.
Chart courtesy of stockcharts ( click to enlarge )LDK broke falling price channel resistance on heavy volume last week and continues to work its way higher.
MPEL - The downtrendline was broken to the upside last week. Nearest resistance for the stock is at $7.99. If this level is crossed and the stock is able to sustain above this level, then it might go to $9. On the downside, the stock has support at $7. The stock is currently in a new uptrend.
SIRI - This stock has been under a lot of pressure, recently but in the last three sessions the stock reversal its trend. The stock had a very bullish action last week and recovered 20% of the recent downward move. The stock closed at $1.49 on Friday. The price is currently below the 50 day, 50 day and 200 day moving average, a bearish sign. However the short term stochastic signal is showing some positive sign. The stock is currently in a short-term uptrend. It has resistance at $1.52 and then at $1.70. On the downside, it has strong support around $1.26 to $1.29 levels. If these levels are broken, then the trend would become down.
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
