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Tuesday, November 04, 2008 

Stock Picks and Trade Ideas for Wednesday - MA, MCK, PRU

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

MA - The outlook is now bullish and the stock could move to $180-182 levels in the near term. Stop-loss for existing holdings may be placed at $155. A close below this level would negate the positive outlook. Things to focus on the technical chart is the huge spike in volume today. It probably marked the end of the slide and beginning of bottoming. Although both 50 day and 200 day moving averages are falling, the rising KD shows the stock is probably now in recovery mode.

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

MCK - The stock has recovered some since last Wednesday, it closed at $45.50 today, but it is too early to say the bottom was found. The stock could seek higher levels in the near term. A close above $40 would confirm the positive outlook for the stock. Remain invested with a stop-loss at $36.86.

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

PRU - The near term outlook for the stock appears positive, although it continues to be in the midst of a medium term downtrend. On the upside, the stockp faces strong resistance at the $44-$45 range. A close past $45.02 is the minimum requirement for the resumption of an uptrend. Technically chart shows the stock has reversed the downward trend with MACD back above 0 and stock trading above 20 day moving average. In addition KD also indicate positive momentum.

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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