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Tuesday, June 09, 2009 

Stocks to watch Wednesday- Texas Instruments and Ceradyne

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

TXN caught my attention today. The signal to buy was given today when the previous day high at $20.50 was taken out. The stock has been trading in a nice uptrend since the lows at 13.61 were placed in February. Daily technical indicators remain positive for now with MACD above the sell line and the RSI above 50. The stock needs to stay above 20.50 to keep the medium-term outlook positive. Hold the stock with a stop at this level. Breakout above 21.27 will take the price to 24.

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

CRDN - Looking at the technical daily chart, the shares of CRDN plummeted more than 13% on Tuesday and have fallen back into a former trading range between 21.30 and 17.60. The equity has also dipped back below support at its 10-day and 20-day moving averages. The near-term trend does not appear bullish, therefore there is no reason to invest in this stock now. Fresh exposures may be considered once the stock stabilises and gets into an upward trending mode.

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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