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Thursday, January 08, 2009 

Stock Picks and Trade Ideas for Thursday - AKS, NOVL, MSFT

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

AKS - After a sharp upward move over the past six sessions, the stock failed to break through its major resistance of 12.50, and may be close to reversing course here in the short term. The outlook remains bullish and the stock appears on course to move to the target zone of the 14-15 range. At this moment contemplate fresh long positions only on a close above 12.5, with a stop-loss at 9.70.

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

NOVL - The stock failed to close above the resistance level of 4.25. A decline to the 3.85-3.9 range appears likely. Long-term investors can hold Novel with a stop at 3.75.

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

MSFT - The stock failed to close above the resistance level of 21.25. This resulted in a sharp drop on Wednesday. The recent price patterns suggest that the downward move witnessed on Wednesday could continue to the major support at $19. The short-term indicators also give a bearish view for the week. All short-term indicators are now in downward path.

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.

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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