Stocks to watch next week - JPM, GOOG, CIEN
Chart courtesy of www.stockcharts.com ( click to enlarge )Ciena surged on Friday and broke falling wedge resistance with good volume. This means there is more upside. I think this is quite likely. The decline over the last few days occurred on lower volume and the stock is firming around 6.85. The technical chart shows the stock is now back to uptrend and with K line above D line and RSI above 50 we may see more upside. The share price is likely to move to the target zone of the 9-9.10 range.
Chart courtesy of www.stockcharts.com ( click to enlarge )GOOG has already recouped its recent losses and looks poised to break resistance at 340.80. The technical chart shows positive sign as the stock has been on the upside since Wednesday and the stock has been above the 50-day moving average since that date. A few more positive session could bring MACD back above 0 meaning bull market. Google is a good bet for a long player. Even in this economic enviroment the company continues to make a profit and is projected to do so in the immediate future. Its price/earnings ratios are attractive at this point.
Chart courtesy of www.stockcharts.com ( click to enlarge )JPM is now trading close to the resistance level at the 24.80-25 range. A close above this range would impart strength and the stock could move easily to 26.72-29 subsequently. The near-term outlook for the stock does not appear negative. Only a close below 22.60 would have negative implications. Hold on with a stop loss at this level.
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. Have a nice weekend !!!
AC
