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Wednesday, March 21, 2012 

3 Good looking charts on the long side

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Zagg Inc(NASDAQ:ZAGG) stock displayed some impressive relative strength with a 6.81% gain. After consolidating in between the 10.45 resistance and the 9.81 support for over three weeks, the stock finally broke out from its consolidation and marked a new month's high of 10.96. Therefore, the 10.45 level is now the support level. At the mean time the 20 and 50 SMA shall continue serving as the dynamic support to the stock. On the daily chart basis, the technical indicators are looking better now for the stock. The rising of the MACD histogram suggests a weakening of the bearish signal and MACD line has a positive crossover. In addition, the bullish crossover in the ADX chart adds to my conviction. Besides, the breakout was accompanied by volume. Based on technical reasons, there is a near term to midterm opportunity for shares of ZAGG to rebound to higher levels. A move above $11.73 could spark a huge short-squeeze. Short % of Float 48.8%. Potential upside of 100% exists for Zagg Inc, based on a current level of $10.66 and analysts' average consensus price target of $20.50. The stock should find initial resistance at its 200-day moving average (MA) of $11.73 and further resistance at $12. Shareholders may remain invested with a stop-loss at $9.81.

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Clean Energy Fuels Corp. (NASDAQ:CLNE) broke out to all-time highs again today. The volume on today's break was great however at the present level the stock is extended. I'm bullish on this stock, but in situations like this, I prefer to wait for a pull back rather than chase the market. Technically, the stock is still in a very strong bull market with MACD on top of signal line and 50-day moving average on top of 200-day moving average. CLNE has the following important levels. Resistance at $24.75 and support at $21.43

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Sirius XM Radio Inc (NASDAQ:SIRI) - Selling volume is drying up and the uptrend is likely to continue. During an uptrend, pull backs are often characterized by low volume. 20-SMA still acting as a good support. Moreover, the recent consolidation has just turned into a flag formation which is usually treated as small pause in the ongoing move. Resistance at $2.36 and support at $2.17
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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.

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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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