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Friday, May 01, 2009 

Hot stocks for Friday - Netsuite and Life Technologies Corporation

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

N has already broken out to the upside from its small ascending triangle. The break was accompanied by good volume and the move above resistance near $13 suggests there is additional upside potential with a possible target price at 15.04. Technically, the stock has been back on uptrend since early January and now with stock back above 50 day and 200 day moving average and K line rose back above D line we will probably see more positive thing happening to the stock.

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

LIFE had a very good bullish rally this week accompanied with large volume. A gap was formed also with good volume. The stock is now near the red line as RSI approaches the 80 level. It may still move up some cents but I expect a correction any time as I have observed that a lot of indicators have already reached overbought level. Looks like 38 has proven itself to be a strong resistance. Will it go down? Im not sure, but if next week is still characterized by accumulation at this level, we may still have a chance of breaking the 38 –38.32 level. On the contrary, if the support at 36.62 – 36.53 does not hold the stock, we could expect price move down to 35. Overall LIFE is still bullish, but a correction is due.

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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