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Saturday, January 10, 2009 

Top picks for next week - APOL, RIMM, MYL, PSD

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

PSD remains one of the hottest stocks on the market. Accompanied with good volumes, the stock marked an all-time high in the last trading session. With this, the daily momentum indicator has reached overbought levels and I believe that a near-term correction is likely to happen. The positive view would be negated if the share price closes below 27.24.

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

MYL - The stock may face strong resistance at 11.27 ( 200-day moving average ), above it may test 12.48 and thereafter it may test 14.45. This stock will move quickly and is very volatile, so be careful with your share size and entry price. Optimum buy point is when price crosses the resistance line at 11.27. The short-term outlook for MYL is bullish.

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

RIMM - The stock is facing a key resistance at 48.8 levels. I recommend a buy only when the stock breaches this resistance. All the trends in stock indicators are neutral or positive.

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

APOL had a strong day on Friday and broke through its major resistance line at $80. The volume confirmed the breakout, as it was greater than average. If in the next sessions new highs don't happen, I expect to see a decline due to the overbought conditions. On contrary, new fresh exposures on APOL should be made only when the stock move above 87.61. Stay tuned !!

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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