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Tuesday, February 12, 2008 

Trade Ideas for Wednesday - WYNN, ILMN, CNXT, WFC

Chart courtesy of stockcharts

WFC -After a 18% price gain in January, the stock pulled back to its 50-day moving average in February where it found a solid support. However, WFC remains a risky play as it is still just below its 200ma and it could easily drop a little more on any market weakness. But, if its 50-day moving average major horizontal becomes firm and sustained support, a next move to test its 200ma is simply a question of time. Keep an eye on her.

Chart courtesy of stockcharts

CNXT - Conexant appears to be in a very interesting situation right now in terms of the future of its stock price. Stock has strong support around $0.58, and may be forming a triple bottom. Today session showed that CNXT wants to bounce from these levels. For the first time this month stock closed above its 5-day moving average which is usually a good sigmal for short term. Keep it on the radar.

Chart courtesy of stockcharts

ILMN has been in a steady uptrend for the last six months. Stock is in a good Bullish moment, with all indicators showing strength to move up, also its 50 day and 200 day moving average still going up, while MACD is above 0 and RSI in Bullish territory. So, it won't be a surprise for me if stock breaks above $75.30 in the next sessions.

Chart courtesy of stockcharts

WYNN - The stock found resistance at $125, and then closed near its lows for the day. I think we will see a pull back of at least to its 200-day moving average at $113.72, then it should do very well going forward.

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 evening !!!


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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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