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Wednesday, February 08, 2012 

Trade Ideas for Thursday Feb 9

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Bank of America Corp (NYSE:BAC) closed above its 200-day moving average for the first time since April 2011, with heavy volume. We start to see now some signals of rebound as the technical chart shows positive momentum is back. The money seems to be flowing into the stock as indicated by the technical indicator OBV.

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Advanced Micro Devices, Inc. (Public, NYSE:AMD) shares closed at 7.25 a gain of 1.68 percent with a volume of 15.6 million of shares. The stock has surged more than 60% in the past 2 months. On a technical basis AMD seems to be overextended. It has been overbought too quickly for most of the momentum to be sustainable. Based on the current RSI levels in the stock, the probability of the rally continuing is not high. Nonetheless, the stock can go higher even if is overextended. Although the recent move maybe needs a small correction before going higher. At this point, I recommend using this rally as an opportunity to raise cash, sit on the sidelines and wait for a good buying opportunity for the long term.

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FormFactor, Inc. (NASDAQ:FORM) - Over the last 52 weeks the stock has ranged from a low of $4.68 to a high of $11.05. FORM stock has been showing support around $5.16 and resistance in the $5.50 range. Technicals have turned bullish signaling sideways to higher prices possible in the near term. Chart is showing a Bullish MACD divergence. Positive divergence occurs when MACD advances upwards at a time when the price is still in a down trend. MACD forms a sequence of higher lows ( each low higher than the previous day or period ). The daily RSI remains above the 50 level and the MFI is moving up strongly, showing the increasing of money inflow. FORM is a low volume small cap that may be poised to move higher.

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Novatel Wireless Inc (NASDAQ:NVTL) - Stock is flagging. Breakout at 3.49. Watch for next leg up.

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Hanwha Solarone Co Ltd (NASDAQ:HSOL) broke out from a rectangle pattern. If this chart does what is supposed to do, it will be going higher in the days to come. Short-term outlook for the stock is bullish

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Micron Technology, Inc. (NASDAQ:MU) seems to have broken above the 2 month resistance of $8.06 on relatively higher volume. The next resistance that it should try to respect is at 8.45.

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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.

Thanks for visiting AC Investor Blog.


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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 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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