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Saturday, March 07, 2009 

Stock Picks and Trade Ideas - JPM, MSFT, CIEN

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

CIEN - Fiber-optic telecommunications equipment maker Ciena Corp. reported its first-quarter results on Thursday. The company posted a loss of $24.5 million for its first quarter on a steep drop in sales and hefty charges related to its restructuring and other expenses. Ciena said tough economic conditions forced its customers to cut back their orders during the quarter. In addition, Ciena Corp also said it plans to close a research center in Action, Mass. The stock has been trading between $4.98 and $35.82 in the past 52 weeks, closed Thursday's trading session at $5.93, up 59 cents or 11.05%, with a volume of 6.8 million shares. Technically, the daily chart of Ciena is now much improved after today’s action. The MACD has reversed again the course and stock finally closed above its 5-day moving average again, usually this is a Bullish signal. I would look for a move up to $6.57 resistance soon. If it passes that, then we have room to run to next resistance at $8.13. Despiting the current downturn, telecom sector is seen as a growth industry for the long haul, due to the increasing demand for broadband services. Insight Research Corp. estimates overall telecommunications services revenues to grow at a compounded rate of nearly 10.3% over the next few years, reaching $2.7 trillion by 2013, with wireless broadband putting up a strong show. Stay tuned on Ciena.

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

Shares of JP Morgan broke support of $17.70 on above average volume. The stock can continue going down, because there is no supports below. Unless the JPM can recover above $17.70 again, the technical outlook for the stock will be bearish and we should reduce our exposure. Hard to say how far down it will go, since that depends on the strength of any selling.

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

MSFT - The stock made a new 52-week low at $19.54 on Thursday. Technically the stock is still in weak market as MACD is still below 0 and 50-day moving average is below 200-day moving average. Honestly speaking, this is still not the right time to buy the stock as it is still in downtrend and the market turbulence continues.

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.

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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