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Sunday, August 24, 2008 

Stock Picks and Trade Ideas for the week ahead - SMCI, CIEN, RMBS, MER

Chart courtesy of www.stockcharts.com ( click to enlarge )

Merrill Lynch price action has remained under its daily 20-day moving average ( white line) for some time, however, a rising daily MACD momentum has begun a bullish divergence suggestive of a price reversal at these price levels. A break above $25.75 would be bullish. Let's keep an eye on it.

Chart courtesy of www.stockcharts.com ( click to enlarge )

RMBS - Thursday's rally was one of the strongest of the year. This strength is confirmed by price movement as well as two momentum indicators. MACD and KD show buy signal as MACD is above signal line and K line is on top of D line. The stock has held support at the $15.76 ( 20-day moving average ) level and is displaying a screaming buy divergence on the upside.

Chart courtesy of www.stockcharts.com ( click to enlarge )

CIEN - Momentum has been rising since the August low's and has reflected a strong divergence buy setup. The stock is now testing the 20-day moving average and I think offers a good perspective into the overall sentiment. If a breakout occurs, look for upside price targets in the previous $21 area.

Chart courtesy of www.stockcharts.com ( click to enlarge )

SMCI - The stock is in overbought condition from a technical standpoint and the chance of trend reversal appears high. Consider shorting Super Micro Computer shares keeping the stop loss at day's high level. This strategy is only for those who are willing to take risk, as the stock could move up quite sharply at a fast pace.

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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