Stock Picks and Trade Ideas for Thursday - STEM, BAC, CIEN
Chart courtesy of www.stockcharts.com ( click to enlarge )CIEN - This stock is holding up nicely above the key support of 5.83 in this weak market environment. It has a good base at 5.75 which can be used as a stop loss for long position. On the upper side, the move is likely to accelerate above 6.50. Short-term investors can hold the stock as long as it trades above 5.83.
Chart courtesy of www.stockcharts.com ( click to enlarge )BAC - The daily chart of Bank America shows that it is still to early to say that the downtrend has ended. It is better to stay at the sideline. The stock price action has remained under its daily 20-day moving average ( white line) for some time, however, a rising daily MACD momentum has begun a bullish divergence suggestive of a price reversal at these price levels. If this stock breaks out above 6.41, its very probable that we will see a decent upside move for the bulls. Stay tuned on BAC.
Chart courtesy of www.stockcharts.com ( click to enlarge )STEM - Short interest rose 50.6 percent in late January, suggesting a slight increase in bearish sentiment in the company. Looking at the daily chart above the stock has short-term support in the band between 2.22 and 2.16. A slide below 2.16 can drag the stock price to 1.78. Hold the stock with a stop at this level. The stock price needs to rally above 2.57 before fresh investments can be made in this stock.
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 tomorrow !!!
AC
