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Saturday, March 31, 2012 

Five trading ideas for next week

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I like this chart on DryShips Inc.(NASDAQ:DRYS) alot. Prob one of my Favorites right now. As you can see the stock brokeout on highvolume last month and was able to keep this strength in March. The stock ended the day on Friday with a strong gain of 14 cents (4%) to 3.48. It pushed higher throughout the day and closed out the session near its highs. This creates a bullish scenario for next week, one in which the stock opens the day a few ticks higher and then continues its rally. The break of resistance 3.33 (20-day SMA ) with high volume also was great. The next point of interest is the the next point to look out for is the high of February at 3.84. DRYS has a very interesting daily chart and could have a bigger move soon. The technical chart looks really bullish as the stock is trading above 50-day moving average and the 50-day MA crossed above 200-day MA recently ( Golden Cross ). Additionally, the Accumulation/Distribution shows that the stock continues to be under accumulation by institutional traders and money managers. Heavy volume on up days. A break of 3.84 would confirm continuation of the trend, with a target area of 4.3 to 4.5. Worth watching for a breakout.

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Dendreon Corporation (NASDAQ:DNDN) - From a technical perspective, there are some signs of a possible bounce here due to the positive divergences (MACD, RSI, Sto) which often leads to short covering. If the stock can break through Friday’s high of $10.74, we should see a strong follow through move. Let’s see whether the stock can gather enough momentum to break through that level.

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Elan Corporation, plc (NYSE:ELN) looks like is close to attempting a new breakout. The stock hit a high of $15.25 on Friday, but failed once again to close above that level.I expect to see a high volume move once the stock breaks through resistance, as traders are watching this stock closely. Technically speaking, this stock is currently in an uptrend and is finding support from its 20-day MA at 13.91. Only a close below this zone would have negative implications. Additionally, the the Accumulation/Distribution is showing a rising move, indicating a rising money flow into the stock. Keep the stock on your screen because once ELN breaks through resistance, the stock should take off and move quickly.

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I've mentioned Tellabs, Inc.(NASDAQ:TLAB) for the bulls out there. I stand by this position. It looks like the stock is starting to turn back up and indicators are giving the first bullish signs. I am looking to see this stock re-test its Januray highs shortly. The MACD is increasing and the stock price has regained its position above the 50-day MA. The nearest trend is in favour of Bulls and TLAB has room to go higher. If the stock can break through $4.10, we should see strong volume drive the stock higher. Also watch out for other resistance levels at $4.08 which is the 200-day moving average. I'm still maintaining the buy rating on TLAB as the technical chart still shows very bullish sign with MACD above 0.

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InterDigital, Inc.(NASDAQ:IDCC) continues to fall on light volume. Do not be shaken out by MM games !! Inside trading has been very active in January. They are buying now after pausing years. Essentially, if you buy IDCC you have to be patient.

During the day I tweet many times to my readers. I encourage everybody to subscribe AC Investor Blog  twitter and newsletter, so you can receive my trade ideas and stock news in real time.

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.

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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