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Thursday, November 13, 2008 

Stock Picks and Trade Ideas for Thursday - CIEN, LDK, GOOG, RIMM

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

RIMM formed a significant long-term peak in June 2008 at $148.139 and has been in a corrective mode since then. This falls has retraced more than 60 per cent of the entire gains. The stock has key support at $40.21. From the technical chart the stock shows very strong bearish sign. First of all the stock is trading below both 50 day and 200 day moving average with both moving average pointing downwards. Then the RSI indicator is moving below 50 also indicating a sell. In addition KD line still show the stock is on the negative swing. You can hold the stock with a stop at $40.21.

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

GOOG broke down its support today on increased volume and selling pressure making this stock appear that it could easily be sent down to its support around $273. Only the break of the prior support now resistance confirmed by a daily closing will support higher levels. The indicators of the daily chart are still negative suggesting further possible pressure, only a strong closing again above the top of today could change this scenery. Hosnestly, I'm not optimistic.

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

LDK - The stock continues losing ground. The technical chart shows the stock is in a bear market as it is way below both 50 day and 200 day moving average. All indicators still point to a bear market. The trend is currently down and the major support lies at $13.

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

CIEN - The stock broke support today reaching a one year low. Fresh exposures may be avoided.

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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