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Monday, June 01, 2009 

Hot stocks for Tuesday - Ciena, Rambus and St. Jude Medical

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

Ciena seems to be a promising stock to follow. There seems to be some activity on stock as the stock traded with large volume today. Thing to watch out for this stock is its resistance line at 12.51, which if broken may give the possibility of it going to as high as 16. From the technical chart, we can see a positive move by the MACD fast line as it now crossed above the slow line, this indicates a buy signal. You can also see the golden cross. A Golden Cross occurs when the 50 is below the 200 and crosses through it to the upside. This has been known as a very positive technical signal. The stock is now in a Bullish mode. If price is able to move above 12.51, this will be another victory for the bulls and might help propel the stock towards the next resistance at 16.

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

STJ broke a resistance line from Feb, which is part of what seems like an ascending triangle formation. It also broke above 3 moving averages last week, a break that was accompanied by large volume, which means that the sky rocketing action has credibility and is not just some result of speculations. Investors who have entered at lower levels may place the stop-loss at 38.70. The short-term trend is bullish and a move to the 41-42 range appears likely.

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

RMBS - As I mentioned last week, Rambus has been developing an interesting ascending triangle accompained by an increase in the volume. Today, the stock confirmed the pattern and the breakout occured naturally. We will be able to confirm this week if the break will push through or whether it will buck the selling pressure and fall below the support. I am certain that this is now the start of a new uptrend for Rambus. The volume for the past 5 sessions has been good so it is also a good indication that this stock is pulling out of the bearish dive.

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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