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Saturday, May 10, 2014 

Stocks to Watch for May 12, 2014

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Gigamon Inc (NYSE:GIMO) continued its bullish momentum on Friday, topped at 16.91 but closed a little bit lower at 16.81. The good news is that the stock closed above the 13-day EMA for the first time in more than a month. There are no changes in my technical outlook, the bias remains bullish in short term testing the 18.1 area as a part of the rounding bottom (bullish reversal pattern) scenario that i published few days ago (using the 2h chart). GIMO has a high level of short-interest (8.59 % of Float) and is cheap by valuation IMHO. A clear break above 18.10 next week could trigger further bullish pressure testing 20, because the short sellers will start buying to cover their position. Momentum indicators are slightly bullish now with RSI inching away above the oversold level. The strongest sign of a bullish momentum is the MACD indicator which has just started to increase and the CMF is also showing positive signs on the stock. This company has no debt and about $142.6 million of cash, so they have about $4.50 a share in cash. The stock got upgrades last week and was positively mentioned as possible takeover target (Cisco, Brocade, Juniper, Oracle and others as potential suitors). I love the risk/reward so long as it holds above the $15 area and expect to see a strong upside move very soon.

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Twitter Inc (NYSE:TWTR) looks like it is starting to turn back up and technical indicators are giving the first bullish signs. The Stochastic oscillator is registering a bullish signal, as the %K has crossed above the %D and the RSI is rising slowly but hasn’t reached the 30% level. The stock has the following important levels. Resistance at $33.11 and support at $30.

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Prana Biotechnology Limited (NASDAQ:PRAN) falling wedge broken last week. It seems that all bad news has been fully priced into this stock. The nearest trend is in favour of Bulls and the stock price has room to go higher. If the stock can break through $1.81, we should see strong volume drive the stock higher. You need to watch the stock closely next week because the bounce could be hard and fast. My first target is now $2.05 with a stop at 1.47.

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Facebook Inc (NASDAQ:FB) The stock is testing the lower part of the range area around 56. Aggressive traders may long here due to a good risk/reward ratio with a stop loss below 55 level. Immediate resistance is seen around 58.47 (9EMA). A clear break above that area would lead price to $60. The bias is neutral in short term.

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Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is in a clear bullish trend and a move to $7.6-7.80 appears likely. The positive outlook would be in force as long as the stock remains above the 9-day exp moving average (now located at 6.79). The technical daily chart show a continuation of the trend with MACD and RSI trending upwards.

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Electronic Arts Inc. (NASDAQ:EA) Nice looking breakout with huge volume. Excellent relative strength to broad market. I will be waiting for a pullback to start a position.

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Frontier Communications Corp (NASDAQ:FTR) Friday's close confirmed the bullish signal received on Thursday. Let’s see whether the stock can gather enough momentum to break through $6.10.

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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