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Saturday, February 07, 2009 

Stocks to watch next week - JDSU, BRCM, VRTX

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

JDS Uniphase shares tumble more than 6% on today session after the communications equipment company posted a fiscal second-quarter loss Thursday, hurt by large impairment charges and lower revenue. California-based JDS Uniphase's net loss for the second quarter was $705.3 million or $3.28 per share, compared to a net income of $21.2 million or $0.09 per share in the same quarter a year ago. Furthermore, JDS guided for fiscal third-quarter revenue of $275 million to $300 million, According to a Thomson Reuters analyst poll, Wall Street forecast revenue of $357.9 million. From a technical perspective, it appears the stock may be forming a Head and Shoulders Top pattern with the two Shoulders defined by points A and B. The left shoulder was established between 3.40 lows and 4.12 highs. The head was established between 4 lows and 5.30 highs. The right shoulder has developed between 4.13 highs and 3.43 lows. The all-important neckline is at 3.43. Any close below this level will trigger a sell-off, which is going to be very strong and we might see resumption of a strong bearish phase.

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

VRTX - Looking at technical daily chart the stock has just entered into a bull market as the stock is on top of 50 day and 200 day moving average and 50 day moving average has just crossed on top over 200 day moving average to form Golden Cross, a very positive sign. Other technical indicator such as MACD, is above 0 showing positive momentum while KD line also show buy signal as K line crossed on top of D line.

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

BRCM - Broadcom shares continue to channel down mid December and only a move past $18.30 would impart a positive trend. The major resistance is at this level, followed by $19.15. The support is at $16. Some indicators are improving but it needs to breakout above the $18.30 resistance to confirm the change in trend.

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 on Monday !!!

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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