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Friday, October 17, 2008 

Stock Picks and Trade Ideas for Friday - RIMM, XOM, JPM

Chart courtesy of stockcharts ( click to enlarge )

JPM - The price action was confined to a narrow trading zone this week. The stock, however, recorded a modest upward move on Thursday. JPM is likely to consolidate with downside risk tomorrow as both the daily MACD and stochastic indicators are bearish, but any close above the immediate resistance level at $41.25 would trigger an uptrend. Stay tuned on it.

Chart courtesy of stockcharts ( click to enlarge )

XOM - The stock is in a Bearish mode with MACD below signal line and the price below both 50 and 200 day moving averages. Long positions may be considered only on a close above $71.51, with a stop-loss at $59.17. A close below this level could push the stock to the $57-$56 range.

Chart courtesy of stockcharts ( click to enlarge )

RIMM - MACD Crossed up. Fast line crossed the slow line from down to up. The share price is likely to move to the target zone of the $68-$70 range. Remain invested with a stop-loss at $52.50. I'm short-term bullish and long-term bearish.

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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