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Thursday, June 11, 2009 

Stocks to watch Friday - Juniper Networks and DayStar Technologies

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

DSTI broke out above the resistance of 1.03 on Wednesday and achieved my first target. Today, the price broke out above some strong resistances areas, but the bulls could not sustain the breakout and price closed well off its high. Short-term trend is not clear in this stock, we have to wait further market action to give a confirmation of the price direction. The significant support for the stock is now at 1.03. Hold with a tight stop at 1.

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

The technical daily chart shows that the stock is losing momentum and the daily relative strength index has entered the neutral region from the bullish zone. Based on the technical chart above my short-term forecast for the stock is bearish. I expect the stock to decline to $22 level in the upcoming trading sessions. Almost all indicators as MACD, RSI and Stochastic are showing me to exit the long side.

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 !!!


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About Me

  • I'm a 44 year old Independent Trader using proprietary technical analysis with more than 20 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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