Trade Ideas for Tuesday, Oct 12
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Dear Traders, I hope your weekend was wonderful and that you've come back to the trading week excited about what I have to share with you. To start things off, let's take a look at the daily chart of the GigaMedia Limited (NASDAQ:GIGM). The signal to buy was given today when the previous day high at $2.02 was taken out. On daily chart above we can see that the price broke above the trend line resistance at $2, indicating potential further upside pressure. The bias is bullish in nearest term testing 2.12 area but remains neutral and no clear direction in medium term. Only a clear break above 2.12 could confirmed the bullish scenario. With %K line back above %D line and stock back above 50 day MA we may see some rally coming. Positive money flow index is confirming the upside movement.
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On Friday I brought American Oriental Bioengineering, Inc. (NYSE:AOB) !!! Look at it NOW !! The stock made a very significant move today breaking out from its ascending triangle pattern which could be signs of a bottom here for the stock and the bulls ready to make some more moves. AOB has a good looking stock chart price broke out from the horizontal resistance mark around $2.60 on heavy volume in the face of a weak market. This breakout suggests a possible move to $3.02.
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This stock is slowly under accumulation based on the Chain Money flow indicator also still showing positive divergences on MACD. All indicators are in favor of an upward price movement. Immediate resistance at $4.23. A break above that area should lead to further bullish momentum towards $4.85 area.
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A123 Systems, Inc. (NASDAQ:AONE) is currently in an uptrend and has seen huge uprise in prices. Nearest resistance for the stock is at $9.48. If this level is crossed, then the stock may see further buying interest. On the downside, support is at $8.49.
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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.
Good luck to all,
AC
