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Monday, November 24, 2008 

Stock Picks and Trade Ideas for Tuesday - CREE, GOOG, WMT

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

WMT is facing strong resistance at the level of $53.84 ( 20 day-moving average ), and despite repeated attempts, it has failed to penetrate the resistance level decisively. If the stock moves above this strong resistance, more upsides up to $55.30 will open up. However failure to do so and break below the recent bottom support of $50 will have major bearish effects. Stay tuned on it.

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

CREE is currently in the third leg of the short-term bear market that began in middle of September. This down move has been halted around $14 area. But a fall below this support will force the short-term picture considerably. An exit is recommended if the stock moves below this support.

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

GOOG - This stock is trying to steady itself around the support at $250. A fall below this level will make the short-term outlook negative again and it will pave the way for a fall to $200. Hold the stock with a stop at $247.30.

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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