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Wednesday, September 24, 2008 

Stock Picks and Trade Ideas for Wednesday - CSCO, JOSB, OTTR, FSLR

The US markets still showing clear signs of uncertainties and fears just a day after the oil shot to the 120 dollars per barrel, which caused a new wave of fears of economic recession in the U.S. Oil prices shot Monday in an unprecedented way in New York, rising more than $16 in a single day to $120.92, pressured by the decline in the dollar and technical factors. Prices today rectified yesterday's strong recovery but were also pressured by expectations that the U.S. economy will not escape an economic recession, which could lead to a reduction in demand. With fuel prices high, the markets fear that the plan presented on Thursday will not be sufficient to protect the economy from a recession. The uncertain remain well present in the market and all cautions must be taken in consideration.

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

CSCO continues to consolidate within a triangle and the subquent break will determine the next move. The near-term trend does not appear bullish, therefore there is no reason to invest in this stock now. Fresh exposures may be considered once the stock stabilises and gets into an upward trending mode.

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

The short term scenario is not encouraging for the investors. OTTR has broken uptrend support in the $41.50 to $40.60 range. In other words, the long-term trend has turned negative. This is the confirmation of the trend reversal. We might see some bounce up at this level. However don’t take risks on this as it could be deadly if the bear decided to take out the support line again.

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

Very bullish action on JOSB this week. She's extended but no one seems to care. I'll be watching her carefully for any possible opportunities.

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

FSLR - The near-term outlook is bearish and the stock could drop to the $192-200 range. Technicals are currently oversold but remain neutral to bearish signaling sideways to lower prices possible in the near term. Only a close above $246 will confirm the short term low for the stock. I'm looking for a good trade if the prices close above $246. On the downside the next target is $200.

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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