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Monday, February 02, 2009 

Stocks to watch this week - AMZN, LMNX, QCOM

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

QCOM is firming just above key support at 34 and a sideway pattern has taken shape over the last few weeks ready to pop out. This is a neutral pattern dependent on a break to establish a directional bias. A break below 33.16 would signal a decline and be quite bearish, on the other hand a breakout at 37,26 would be bullish. Though the recent price pattern does not throw up any significant clue about the short-term outlook, there are some bearish signals printed in the chart. The stock is now becomming weak as MACD and signal line are below 0, the stock is below 20 day moving average and RSI trends lower in negative territory. Shareholders may remain invested with a stop-loss at 33.16.

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

LMNX - The stock has been on a downward trend in the recent weeks. Technical indicators remain slightly bullish as MACD momentum drifts up to a new high and RSI holds below recent highs in positive territory. On the upside the stock might face resistance around 20.62 ( 50 dma ) and 21 levels from where we can expect some profit booking. The major support is still located at 17.40 January low.

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

Amazon shares rose as much as 17 percent on Friday trading after the world’s largest online retailer posted higher fourth quarter earnings on robust holiday sales, outshining results from other retailers, and forecast first-quarter sales above expectations. The company reported that net income increased 8.7 percent to $225 million, or 52 cents a share. Sales climbed 18 percent to $6.7 billion. Amazon gave what it called an "appropriately conservative" first-quarter operating income range of $125 million and $210 million, on revenues ranging from $4.53 billion to $4.93 billion. Wall Street, on average, had been expecting first-quarter revenues of $4.51 billion. The company outpaced the rest of the e-commerce market over the past two years and that’s likely to continue. According to the most recent numbers, Amazon.com is valued at 35 times projected 2009 earnings, at a premium to competitor eBay Inc and Internet giants like Google Inc or Yahoo Inc at 8, 16 and 29 times forward-looking earnings, respectively. From a technical perspective, the future of the stock looks bright as well. Technical indicators are bullish as MACD momentum moves up toward the 0 level, MACD histograms trend higher in positive territory and RSI moves back up toward recent highs just below the overbought level. In my view, the stock will follow through on this strength next week but a bout of profit taking is likely soon. Investors may hold with a stop-loss at 57.24.

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. Have a nice weekend !!!

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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