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Saturday, March 15, 2008 

Financial turbulence continues, penalizing stocks

Chart courtesy of stockcharts

KLAC - The stock broke support of $40 Wednesday on above average volume. KLAC can continue going down, because there is no supports below. Unless the KLAC can recover above the resistance at $40, the technical outlook for the stock will be bearish and we should reduce our exposure. Hard to say how far down it will go, since that depends on the strength of any selling.

Chart courtesy of stockcharts

AAPL - The worst is over? Good potential to move, but no buy signal yet. Keep watching this one.

Chart courtesy of stockcharts

C - The stock made a new 52-week low at $19.54 on Friday. Technically the stock is still in weak market as MACD is still below 0 and 50-day moving average is below 200-day moving average. Honestly speaking, this is still not the right time to buy the stock as it is still in downtrend and the financial turbulence continues.

Chart courtesy of stockcharts

JPM - The stock made a new 52-week low at $36.01 on Friday. Technically in the same scenario of Citigroup. This is not a good time to buy financial stocks.

Chart courtesy of stockcharts

BAC - The stock has been on downtrend since October. With stock trading below its major moving averages, it is still in weak bear market so wait for uptrend coming back before buying the stock. I think BAC will test February lows before move up again. Pay particular attention for a possible break down of $35.15 level, RSI shows its going to break down. Keep watching this one.

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 great 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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