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Tuesday, February 17, 2009 

Stock Picks and Trade Ideas for Wednesday - CVS, COF, HD

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

HD's stock breaks down on Friday. From the technical chart, both MACD and KD show bearish sign. The stock is still trading below the 50 day and 200 day moving average, also a bearish sign. In the short term, I see no reason to buy the stock. Only a close above $21 would impart positive momentum. The stock could fall up to $18.50.

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

COF - The stock has made a new 52-week low at $9.69 a share, closing the day at $10.13. I will take long positions at this point hoping that this stock has reached the bottom. The reason for that is due to the fact that the stock has traded a huge amount of shares, probably a sign of capitulation. Could this be the reversal ? I'm betting it is, but I'm not sure. Be careful.

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

CVS - Chevron shares broke down its support on Friday on increased volume and selling pressure making this stock appear that it could easily be sent down to its support around 63. Only the break of the prior support now resistance confirmed by a daily closing will support higher levels. The indicators of the daily chart are still negative suggesting further possible pressure but a strong closing again above 67.50 could change this scenery.

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

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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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