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Friday, September 26, 2008 

Stock Picks and Trade Ideas for Friday - VRSN, SBUX, BRCM

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

BRCM - The immediate support zone for the stock lies at the $19. A close below this level would push the stock to lower levels of $18.72-18.55. However, the break of $20 would send BRCM on another corrective rally, but we remain bearish below $21 a break is needed to challenge last weeks highs at $22.46. I just want also to point out that the daily MACD is diverging positively suggesting a recover is just ahead, with a rally to about $20 as the first target.

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

SBUX - Technically, there is no reason to take exposure in this stock as there is no evidence of the reversal of the ongoing downward move. For now, it would be better to stay away from this stock. The near-term outlook is bearish and the stock could drop to the $14.50-$14 range. Stop loss for long positions may be placed at $14.71. A close below $14.50 would impart weakness in the stock.

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

VRSN made a strong upside reversal last week. The technical chart above suggests that stock might find now resistance at $27.58 ( 20 daily moving average ). Only a close above this level would suggest further upside. Remain invested with a stop loss at $24.99.

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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