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Saturday, December 20, 2008 

Stocks to watch next week - RIMM, CNC, TSO, HUN

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

RIMM broke the downtrend line on strong volume and could eventually rally up to test the November highs. However there is a strong resistance to break before move to $50 zone, the 50- day moving average at $45,85. Technical indicators remain slightly bullish as MACD momentum drifts higher near recent highs in positive territory, MACD histograms drift higher the 0 level and RSI moves up. Let's keep an eye on it.

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

HUN - The price movement in the last couple of days indicates that the stock has formed a short-term bottom at $3. A move to the 3.70-4 range appears likely. On the other hand, a close below 3.30 would be an early sign of weaknes.

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

CNC - Looking at the daily chart the near-term outlook is very positive and a move to the Rs 21-21.47 range appears likely. The stock broke the downtrend line on heavy volume. Exposures may be reduced on an evidence of resistance at this range. The uptrend continuation scenario is slightly more likely at the moment. Shareholders may remain invested with a stop-loss at 18.11.

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

TSO - The technical daily chart shows the stock has been on a downward trend in the recent weeks. It staged a reversal on Wednesday. Hold with a stop-loss at $10. The shortg-term outlook is bullish and the stock could seek higher levels of 14-15. Fresh exposures may be considered on a move above 11.86.

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 on Monday !!

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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