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Friday, August 21, 2009 

Stock Market Ideas for next week - JDS Uniphase and Rambus

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

JDSU could be poised for more upside in the weeks ahead after breaking above the key $6.35 level on heavy volume today. The stock closed at a bullish weekly high close and hit a fresh 32-week high. Bulls have the near-term technical advantage and gained fresh upside momentum on Friday. Upside momentum still intact. The MACD indicator has just risen above the centerline recently, suggesting that the tone has turned positive again. In addition, the ADX is increasing and is near 20 level which shows a strong trend is developing. The RSI indicator is moving up above 50 and the +DI is greater than the -DI by a great margin, indicating a Bullish trend. I like that the stock finished strong and expect to see a continuation move on Monday. Resistance is $6.77, which reflects Friday’s high of the day. Once JDSU breaks resistance, I expect to see the buyer push the stock higher.

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

RMBS - It is clear that Rambus wants to move higher again, but too much caution right now. Once we get a couple of positive events, we will move rapidly. Rambus reacted to the $19 mark over the past two sessions and has suffered a small correction as shown in the chart above. Short term support for the stock is in the 17.85 to 18 region. There should be room for another leg upward once the stock digests this small correction. While the stock is correcting in the short-term, there are no clear signs of a top forming in the daily charts as of yet. Indicators are favoring longs with both positive momentum indicator and positive MACD above the zero line.A move above $19.65 would mark a medium-term breakout. There is something interesting for this scenario occur, the November series shows a huge amount of calls at the 20 and 25 strikes, it looks like people are really convinced that stock will breakout over $20 and $25 soon. Let’s keep an eye on it.


Other Stocks to Watch next week :

Aeropostale, Inc. - ARO ( Record Price Break Out )
Buckeye Technologies Inc. - BKI ( Record Price Break Out )
C.H. Robinson Worldwide, Inc. - CHRW ( Record Price Break Out )
National Semiconductor Corporation - NSM ( Bullish Engulfing )
LSI Corporation - LSI ( Bullish Engulfing )
Maguire Properties, Inc. - MPG ( Bullish Engulfing )
Ariad Pharmaceuticals, Inc. - ARIA ( Bullish Engulfing )
MGM MIRAGE - MGM ( Bearish Engulfing )
Wal-Mart Stores, Inc. - WMT ( Bearish Engulfing )
Tenet Healthcare Corporation - THC ( Bearish Engulfing )
GameStop Corp. - GME ( Bearish Engulfing )
Potash Corp. - POT ( Bearish Engulfing )
Pfizer Inc. - PFE ( K line crossed above D line )
Intel - INTC ( K line crossed above D line )
Alcoa - AA ( K line crossed above D line )
Regions Financial Corporation - RF ( K line crossed above D line )
Yahoo - YHOO ( K line crossed above D line )
Comcast Corporation - CMCSA ( RSI crossed above 50 )
Exxon Mobil Corporation - XOM ( RSI crossed above 50 )
ConocoPhillips - COP ( RSI crossed above 50 )
Verizon Communications Inc. - VZ ( RSI crossed above 50 )
The Charles Schwab Corporation - SCHW ( RSI crossed above 50 )
TASER International, Inc. - TASR ( Unusual Call Option Volume )
Accenture Ltd. - ACN ( Unusual Call Option Volume )
Boston Scientific Corporation - BSX ( Unusual Call Option Volume )
Vodafone Group Plc - VOD ( Unusual Call Option Volume )
Cell Therapeutics, Inc. - CTIC ( Unusual Call Option Volume )
Take-Two Interactive Software, Inc. - TTWO ( Unusual Put Option Volume )
RRI Energy, Inc. - RRI ( Unusual Put Option Volume )
General Maritime Corporation - GMR ( Unusual Put Option Volume )
Hibbett Sports, Inc. - HIBB ( Unusual Put Option Volume )
Foot Locker, Inc. - FL ( Unusual Put Option Volume )

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 Great Weekend...
Cheers!

AC

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Hi, a market novice here,

Could you explain a bit what "K line crossed above D line" imply?

Appreciate it. Great blog here btw.

Hi AK,

To better understand the Stochastic Oscillators please take a look at http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:stochastic_oscillator

If you need something more, please don't hesitate to contact me,

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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