Top Stocks to watch for Wednesday
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Amazon.com, Inc.(NASDAQ:AMZN) stock successfully broke the resistance of the symmetrical triangle confirming a reversal form the previous downward trend. Target price for the pattern is at 210-212. There are however upcoming resistances at 195.94 the previous high and the 200.51 the 200 day MA. From a technical standpoint I think more buyers could come as most indicators show strong buy signal. MACD shows buy signal as MACD is on top of signal line and RSI is above 50% level. KD also shows buy signal as %K line has just rose on top of %D line. In addition, the stock is on top of 20-day and 50-day moving average showing the stock is in a short-term uptrend. A rally to the short-term resistance at 200 appears likely.
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CIS seems to be a promising stock to follow. I loaded up more Camelot Information Systems Inc (NYSE:CIS) shares today after the break of Friday's highs. Shared this one with you guys on twitter. After today's 9.55% jump to $3.44 per share the technical chart is still showing the same trend as stock is still on top of 20 day and 50 day moving average with MACD on top of signal line. In addition the ADX is confirming the strong uptrend. If we see follow-through tomorrow, it might run hard.
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Abercrombie & Fitch Co.(NYSE:ANF) was one of the few stocks that ended higher on Tuesday. I'm watching the stock on Wednesday for a continuation move. Resistance for this move is $54.1, which reflects Wednesday’s high of the day. If ANF does break resistance, I expect to see the stock move very quickly.
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Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) had a breakout from a small sideways channel. Possible target price at 2, however at the current price level the target is already near. Volume has been great at the breakout, so the support may hold if it is tested. The stock hit a high of $1.97 on the day, which is resistance for Wednesday’s continuation move. If the stock can break through this level, I expect to see a strong upside move.
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Elan Corporation, plc (NYSE:ELN) - Stock is flagging here. If it's breaks $15 again it will absolutely fly into the $16's right away. Technically the stock is in bull market as 50-day moving average is on top of 200-day moving average with MACD and signal line on top of 0. In addition, the ADX is confirming the uptrend.
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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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Labels: AMZN, ANF, ARNA, CIS, ELN
