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Friday, July 24, 2009 

3 Stocks Ready To Rally - Energy Conversion Devices, Sirius XM Radio and Ciena

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

I mentioned ENER before as a stock I was watching for an entry on. Stock has been in a very clear downtrend until some recent consolidation in the $12 area. There has been a decent increase in volume signaling of accumulation. Finally this week stock run up significantly breaking a descending channel forcing some bears to cover their positions. The technical chart shows very bullish sign as the stock is back on top of 50 day moving average. The bias is now bullish in nearest term but remains neutral in medium term. All indicators are bullish and point to more upside. For now, expect a run up to next resistance area around $19. If the stock is able to cross it and sustain above it, then it might go to $21.27.

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

Ciena has had a nice run over the past days. Looking at the daily chart, stock has been back to bull market since mid May as 50 day moving average has crossed on top over 200 day moving average. At this stage, we can see Ciena is now testing its line resistance at 11.50. A break of this resistance level could see the stock testing its strong horizontal resistance line at 12.51. Technical indicators are bullish as MACD momentum and histograms trend higher in positive territory and RSI is moving up. If this chart does what is supposed to do, it will be going higher in the days to come. At the moment, there is no reason to sell the stock.

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

The technical daily chart above of SIRI, shows very bullish signal as 50 day moving average has just crossed on top over 200 day moving average forming the Golden Cross. With the bullish sign formed and MACD also back above 0 we should see the stock take off from now on, so be patience on SIRI because we can see soon a nice rally. Another positive sign is KD where K line just crossed on top over D line showing a rally is about to begin. In addition, the short interest on Sirius decreased to 146,038,635 shares from a revised 194,820,020 shares at July 15. Keep an eye on SIRI next week for a possible breakout over $0.425.

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. Have a nice weekend !!

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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