Hot stocks to watch Thursday - Sirius XM Radio and ReneSola
Chart courtesy of www.stockcharts.com ( click to enlarge )SIRI traded down over the last trading sessions, but not enough to make me stop watching. The volume was weak compared with recent sessions when prices rose, which means traders are not betting on the downside. I think the stock is still in a consolidation range, waiting to make a big move. This stock is going to have a big move and it should be to the upside.
A quick look at the technical chart :
1) SIRI is currently is moving down with low volume
2) 20 day moving average crossed the 50 day moving average to the upside.
3) 50 day moving average crossed the 200 day moving average to the upside.
4) Bullish divergence: price is decreasing, whereas MACD lines are going up.
5) RSI still above the neutral 50 level at 51, buyers strength still persists.
6) Stock made consecutive higher lows since June.
7) Major resistance (white line) was crossed to the upside a few days ago.
8) Money Flow-Index still climbing.
9) Golden Cross Activated !!!
Resistance stays at $0.484 for the upside move. Continue to watch SIRI because the stock should give us an opportunity for a good trade soon.
Chart courtesy of www.stockcharts.com ( click to enlarge )SOL is currently in the fourth leg of the short-term bear market that began in middle of June. This down move has been halted around $5 area, but unfortunately for Bulls, this support has been broken today and the next resistance now exists at 4.10. The chart pattern does not inspire confidence and the stock could continue its downward trajectory. Never catch a falling knife in this market !!!
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
