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Saturday, January 05, 2008 

What a start !!! Stocks to keep your eye on Monday AMD, CIEN, HOLX

Finally, the week has gone, and I have to confess that I never have seen in my trading life a year start like this one, probably just in 1983 a similar situation. It's very typical in this time of the year see an increase of money entering in the market and this week was a bit different, there was lack of volume and some guys putting their money away from the market, which no make any sense for this seasonal time of year. Gold prices also surged into record territory this week as lingering geopolitical concerns and a spike in oil prices fuelled demand for the precious metal, as I wrote in the previous post, there is no reason for current prices of Oil, it's pure speculation in my honest opinion. Anyway, I put below more trade ideas for the week ahead that it is expected to be more liquid in terms of volume. Check this out !!

Chart courtesy of stockcharts

Well, I don’t know as tell you but on Friday I have entered long on AMD. My first idea was, the stock has suffered a big drop after having broken $12 level, falling more than 50% since November lows, so it seems to me a great opportunity to enter now but with a high risk in my mind of course. One reason was the fact that the last 3 sessions, volume doubled, probably a sign of capitalization, and also if we consider the MACD divergence on the chart, it may be indicating a possibility of inversion trend in AMD,let’s see.

Chart courtesy of stockcharts

Ciena had a high volume breakout in May of 2007 and has risen gradually for almost six months. However it starts pulling back on October, after has reached a new high at $49.55. Now, it seems the perfect time for a short term correction to the upside, due to the high level of oversold conditions. In conclusion, Stock filled gap today and looks set for a short term correction.

Chart courtesy of stockcharts

Here is a stock that survived on Friday sell-Off, Hologic "HOLX" is the name. This company develops, manufactures and distributes diagnostic and medical imaging systems serving the healthcare needs of women. Hologic has broken out to all time highs during today session to a new 52 week high at $72.88, however in the final hour stock retracted closing at $71.12. Looking at the daily chart, the stock is still in the bull market as the stock is trading above both 50 day and 200 day moving average and MACD signal line still above 0. Another indicator KD line shows the stock may be on a new rally again as K line crossover D line. As we can see above overall indicators are still sowing a Bullish momentum on stock, so let's see if monday stock will confirm intraday breakout. Support at $72.88 and Resistance at $67.40. Keep an eye on HOLX next week.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice weekend !!!


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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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