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Friday, May 18, 2012 

Stocks watch list for next week

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Yamana Gold Inc. (NYSE:AUY) stock has been in a downtrend since its all-time high of $18.16, marked in March. Both short and medium-term trends are also down for the stock. Nevertheless, the stock is hovering just above its long-term support band between $12.31 and $12.7. Investors with short and medium-term perspectives can hold the stock with stop-loss at $12.31.

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From a short-term perspective, Barrick Gold Corporation (NYSE:ABX) stock is reversing higher, taking support at 36. It can encounter resistance at 39 and then in the 40.5 -41 range. Failure to move beyond the 39 level in the next sessions will be a cue for short-term investors to divest their holdings. Resumption of the downtrend can pull ABX down to its support, which is in the band between 35 and 35.6.

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James River Coal Company (NASDAQ:JRCC) stock has been in a downtrend, in all-time frames long, medium and short-terms. I don't see any initial signs of trend-reversal in this stock. Only a decisive daily close above 3.6 will mitigate the stock's short-term downtrend and push the stock higher to 4 and later on to 4.3

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Career Education Corp. (NASDAQ:CECO) stock has been on a short-term uptrend from its lows and the trend looks quite strong to me. Investors with a short/medium-term horizon can hold the stock with stop-loss at 6 and for the long-term with deeper stop at 5.88 levels. Significant jump above 7 can take the stock northwards to 7.4 or even to 7.85. 

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Zynga Inc (NASDAQ:ZNGA) The trend is clearly downwards. The stock broke down its major support on Friday on increased volume. Not a pretty picture. Long positions must be avoided.

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Finally, lets take a look at Elan Corporation, plc (NYSE:ELN) and see if the stock is worth buying.

- The technical chart shows the stock is on a bull market as the stock is trading above both the 200-day moving average.
- The 50-day moving average still on top over 200-day moving average
- MACD Fast Line has just crossed over the slow line, which is a bullish sign.
- RSI shows the stock may be ready for a rebound

Nevertheless the short term trend is still weak as the stock has been trading below 50 day and 20 day MA, with 20 day MA now going downward showing bearish signal. Immediate resistance is at 13.39. A break above that area could trigger further upside recovery testing 13.84. Conversely, a plunge below 12.58 will drag the stock down to 12.10 or 11.90 range. Trend : Neutral-Bullish.

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.


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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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