Stock Picks and Trade Ideas for Thursday - BRCM, LXK, CIEN,
CIEN - The technical chart of CIENA shows a symmetrical triangle price pattern which can act as a reversal as well as the continuation pattern, depending on the volume as well as the breakout that follows, up or down. The red downside trendline of lower highs and the green upside trendline of higher lows is converging to form a symmetrical triangle. A symmetrical triangle does not tell you where prices are headed but eventually they will breakout to the upside or to the downside. During the period of indecision, it's better to stay away from the stock.
Chart courtesy of stockcharts ( click to enlarge )LXK - The share price chart for Lexmark, shows a dead cross occurring at the start of this week. A dead cross is the point at which the 50-day moving average crosses under the 200-day moving average and signals the beginning of a bear market trend. With this in mind, any rally attempt must be considered a bear market corrective rally and not the start of a new bull market trend. The stock has a series of resistances at 26,74, 26,90 and 28. Nearest support is 24.57.
BRCM has been beaten down since August, but at this moment it seems pretty clear that buyers have been waiting in the 13.5-14 range. It looks like it is starting to turn back up and indicators are giving the first bullish signs. The stock has the following important levels. Resistance at $16 adn support at $13.92.
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.
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
