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Tuesday, December 30, 2008 

Stock Picks and Trade Ideas for Tuesday - YHOO, CIEN, SIGM, NVDA

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

NVDA - Nvidia failed to partake in the rally started in November. This stock formed a rising wedge/flag over the last few weeks and broke trendline support last week. Looks like a trend reversal and a move to 7 level looks inevitable. Shareholders who prefer higher risks may hold with a stop-loss at 7.5.

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

SIGM - The near-term outlook is bearish and a close above 9 would confirm this view. On the contrary, a close above 9.34 ( 50 dma ) would have bullish implications and would push the stock to the 10-10.28 range. Hold with a stop-loss at 8.81.

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

Shares of Ciena are coming very near to its horizontal support of 6. Any close below this level will signal the next leg down has begun. Stop yourself out on any close below this level. Technically, the RSI had just broken the Bullish territory and fallen below 50. In addition, MACD histogram is negative while MACD crossed below the faster “trigger” line or the red line.

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

Yahoo failed to partake in the November advance and looks like and accident waiting to happen. The key level of support on the YHOO is now 11.45, but any close below 11.75 could ignite a move to retest 11 in coming days.

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 Folks. 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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