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Tuesday, November 18, 2008 

Stock Picks and Trade Ideas for Wednesday - HPQ, JDSU, DIS

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

HPQ shares surged today after solid 4Q outlook. Hewlett-Packard expects earnings of 84 cents per share and adjusted earnings of $1.03 per share for the three months ended in October. From the technical chart the long term trend is still weak as the stock is still below 200 day moving average with the moving average keeps falling. However the stock may be in a rally for the short term as K line has crossed on top over D line. The stock needs to close above $34.18 in order to alleviate the negative near term view. If the stock fails to move above this level, it can decline to $30 again.

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

DIS - The stock closed moderately higher today. A close above the recent high at $20.98 would reconfirm the current short term uptrend and forecast a test of congestion resistance near $21.25, while a close below support near $20 would predict a test of recent lows in the 19.58 area. The previous support now resistance ( $21.25 ) needs to be surpassed for the medium term outlook to turn positive again. The technical daily chart above shows the stock is in a weak bear market as the stock is below 50 and 200 day moving average and both moving averages kept falling. In addition MACD is also weak as MACD and signal line are below and are declining.

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

JDSU - There has been a persistent decline in this stock since August tempered with short-lived and unconvincing rallies. Since there are no signals of the stock having reversed yet, I recommend staying away from JDS Uniphase at current levels. Re-investing in this stock can be considered on a daily close above $3.35.

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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