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Monday, December 08, 2008 

Stock Picks and Trade Ideas for Tuesday - CSCO and AMZN,

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

AMZN - Amazon shares have been trading in a nice uptrend channel since the lows at $34.68 were placed in November 2008. The daily technical indicators remain positive for now with MACD above the sell line and the RSI above 50. Channels are extremely important as upper and lower trendlines represent key pivot points. A break below the uptrend channel could signal the end of this rally, so hold the stock with a stop loss order under the lower line. Resistance of this uptrend channel is now at $53.24.

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

CSCO broke up today through the downtrend line resistance. Technical chart shows bullish sign with K line on top of D line and MACD on top of signal line. A move towards the Rs $17.52-$18.30 range appears to be on the cards. At the moment, only a drop below $16.11 would negate the short-term bullish outlook. Remain invested with a stop loss at $16 while fresh buying may be considered on a close above $17.52.

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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