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Friday, April 10, 2009 

Stocks to watch next week - Aaron Rents, Parker Drilling and Rambus

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

RMBS caught my eye last month when price broke out of an Inverted Head & Shoulders pattern near 9.91/share and have been watching patiently ever since. I really like this setup and think we could see a continuation to the upside especially if price breaks the 10.79 resistance. Currently price is is trading in a tight range. On Thursday's session there was another spike in volume towards the close along with a strong intraday rally placing momentum in favor of the bulls indicating this pattern could be broken to the upside in the near future. By a technical perspective, stock still trading in a Bullish momentum, with share price above its 20 and 50 dma. Another technical indicator that jumps out at me on RMBS is the short interest percentage. The short interest has decreased about 20% in the last month without a substantial rally. This bodes well for Rambus’s direction in the case of a good rally. I want to buy RMBS if price begins to breach the 10.79 trigger long price, because this breakout could trigger a strong swing near 13 - 15/ share.

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

PKD broke out of a symmetrical triangle on Wednesday and the volume spiked along with strong move, sign that a new trend could be in play. Price is now trying to break above its short-term major resistance zone at $2.6. From chart, MACD and KD both signal positive strength. However ROC has rose too quickly and is now at overbuy level so profit taking could may start very soon. Hold the stock with a stop at $2.35 if you are a short-term investor. If this support holds, the stock can move higher to 2.60 again.

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

RTN - Aaron Rents gapped up Thursday and spiked higher in early trade. The stock drifted lower late in the afternoon, but finished up by $0.43 at $29.11 with the second highest volume of the year. The stock broke out to six month high Thursday. The stock might ease off in the near term towards $28. But the long-term outlook will stay positive as long as it remains above $27.22. Technically speaking, both MACD and KD show bullish sign. The stock is trading above 50 day and 200 day moving average, also a bullish sign. The only potential risk is that RSI has already reached overbought level. Corrections that make the stock fall to $28 should be perceived as a buying opportunity.

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 !!!

Happy Easter !!

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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