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Tuesday, March 17, 2009 

Stock Picks and Trade Ideas for Wednesday - Sirius Satelite, Rambus and PetMed Express

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

Rambus is a stock with great potential and with a good looking technical chart. It looks like in the same situation as qualcomm back in 2000. The new XDR memory architecture recently announced by Rambus sounds very promising. The Rambus XDR™ memory architecture is a total memory system solution that achieves an order of magnitude higher performance than today's standard memories while utilizing the fewest ICs. Perfect for computer and consumer electronics applications. Honestly, the stock potential for success is far greater than the downside. There is significant risk but the upside shadows the downside. Technically, the Rambus chart is looking like a breakout of an inverse head and shoulder pattern. The price objective based on this pattern is 13.46. In addition, the stock closed above its 50 day-moving average again. I would look for a move up to $9.91 resistance tomorrow. If it passes that, there is very strong resistance at $10.45 coming up next. This stock is BULLISH in short-term. I'm really convinced that this stock can easily double from here, the latest news have been extremely good for Rambus. For that reason, I'm still holding my shares in hope of a strong move.

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

PETS seems to have broken out of its horizontal resistance line. Looks like we have a burst north coming. If it breaks out of 15.59, target price is around 17.

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

SIRI had a very bullish move today breaking several resistance lines with large volume. The stock breakout above key resistance level 0.228, topped at 0.38 but closed at 0.3362. RSI is in the overbought zone. The averages in MACD are still above the zero line of the indicator again, suggesting bullishness to be intact. Only a cross-over below the zero line of the indicator could signal bearishness. The short-term trend is UP. Even though the stochastic is signaling that the market is overbought, don't be fooled looking for a top here because of this indicator. However, I believe that the recent upward move is already a sufficient gain for those who have this stock, so it would be best to start cashing in on those gains.

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. See you tomorrow !!!

AC

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Thanks AC for sharing your point of view on Rambus again. I bet in a strong move tomorrow morning !!!

Peter

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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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