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Thursday, August 09, 2012 

Thursday's Stocks to Watch, Aug 9

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The Walt Disney Company (NYSE:DIS) had a strong move on Wednesday, as the stock set new 52-week highs. The stock hit a high of $50.65, which is resistance for the follow through move. The trend is bullish as the stock is above 50-day and 200-day moving averages with both moving averages going up. You should watch this stock closely on Thursday.

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I've mentioned Micron Technology, Inc.(NASDAQ:MU) for the bulls out there. The nearest trend is in favour of Bulls and the stock price has room to go higher. If the stock can break through $7, we should see strong volume drive the stock higher. I'm still maintaining the buy rating on MU as the technical chart still shows very bullish sign. The MACD is increasing and the stock price has regained its position above the 200-day MA.

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Sirius XM Radio Inc (NASDAQ:SIRI) broke out to a new all-time high on Wednesday accompained by a strong volume suggesting higher levels. The technical chart still showing a bullish bias. Technically, the stock still trading above both 20-day and 50-day moving averages and the MACD is above 0 showing positive momentum. Other factors that are in favor of a move higher is the technical indicator OBV and the the Relative Strength Index, both are still rising which is bullish. Resistance for Thrusday’s move is $2.51, which reflects Wednesday’s high of the day. I suspect the stock may continue to appreciate over the coming days. 
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Allegheny Technologies Incorporated (NYSE:ATI) Looks about ready to run here. The stock is displaying upside momentum and is poised to move higher from these levels. Nearest resistance for the stock is at 32.64. If this level is crossed and the stock is able to sustain above this level, then it might go to 35.

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The Gap Inc. (NYSE:GPS) broke out to all-time highs again on Wednesday. The volume on yesterday'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. From a technical standpoint, 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.
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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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