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Tuesday, November 18, 2008 

Stock Picks and Trade Ideas for Tuesday - BAC, C , JPM

Chart courtesy of stockcharts ( click to enlarge )

JPM - Today the stock made a new 52-week low. The trend is bearish in the short-term with the RSI and Stochastic indicators both crossing below their respective sell zones to give early bearish signals. Only a close close above the recent high near $34.87 would predict a test of downtrend resistance at $37.31. The downtrend continuation scenario remains slightly more likely at the moment.

Chart courtesy of stockcharts ( click to enlarge )

C - The near-term trend is very bearish and any close below $8.75 will confirm the weak outlook. Only a move past $10.11 would impart positive trend. Technical indicators are bearish as MACD momentum and histograms trend lower in negative territory and RSI holds near recent lows in oversold territory.

Chart courtesy of stockcharts ( click to enlarge )

BAC - The stock has been on a major downtrend in the recent weeks. The trend is clearly Bearish for the short term. Only a close above $18.04 would trigger positive sentiment. There is no reason to buy the shares at current levels. I think it will make new lows tomorrow.

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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