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Monday, November 03, 2008 

Stock Picks and Trade Ideas for Tuesday - CIEN, GM, FSLR

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

CIEN - The stock has a strong resistance at $9.85. Support lies around $8.18. If the stock breaks this level, then it might witness selling pressure. The technical chart shows the long term trend is still weak as the stock has been trading below 50 day and 200 day MA with 50 day MA. It is better to stay at the sideline and see how the stock react for the next few days.

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

FSLR - Next I'm going to take a look at First Solar stock thats making a very bullish trend reversal which broke out today a major resistance accompanied by increased volume confirmation. The overall trend appears really positive. A move to the $175-$185 range appears likely. Existing investors can remain invested with a stop loss at $143. Only a close below this level would negate the positive outlook.

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

GM said today its October U.S. vehicle sales plummeted as weak consumer confidence and tight credit cut into consumer demand for new vehicles. GM sold a total of 168,719 light vehicles in October, down 45.1 percent from 307,408 from the same month last year. This shows how bad the consumer spending is. General Motors has been trading in a downtrend since its highs in October of , depreciating from a 52-week high of $41.93 to a low of $4. Technically only a close above $6.18 would trigger positive sentiment. There is no reason to buy the shares at current levels.

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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