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Saturday, March 29, 2008 

Trade Ideas for Next week - JASO, ESV, WMT,JDSU, BIDU, RFMD, CREE

Chart courtesy of stockcharts

CREE - Long term uptrend. Still under correction. Stock has been pulling back on light volume and may find support at this trendline and the lower band. The technical chart looks positive as 50 day moving average has crossed on top of 200 day moving average around February to form Golden Cross.

Chart courtesy of stockcharts

RFMD - It seems to me that RFMD has been in a bear market since the start of the year and now it maybe ready to bounce off the current levels, but confirmation is required still. Its down from around $6 a share to around $2.50. In my honest opinion stock is looking very attractive at this point and volume also are telling us something, average daily volume has decreased nearly 50%. In addition, although the stock didn't perform well since January, we should see a rebound as the technical chart now shows positive momentum is back as MACD is now back above 0.

Chart courtesy of stockcharts

BIDU - The stock may face strong resistance at $254 ( 50-day moving average ), above it may test $271.90 ( 200-day moving average ) and thereafter it may test $280. All the trends in stock indicators are neutral or positive.

Chart courtesy of stockcharts

JDSU - The stock was confined to a narrow trading band between $13 and $14 and the price action last week was characterised by a good upward pattern. The share price is now perched just above the crucial support level at $13. A close below this level would spell weakness. This could result in a drop to the $12.50-$12.25 range subsequently. Hold with a stop-loss at $12.96. A close above $13.64 ( 200 dma ) would negate the bearish outlook and provide an upward momentum to JDS Uniphase.

Chart courtesy of stockcharts

WMT - After touching a high of $54.15, the stock turned weak on Tuesday. The outlook for the stock remains bullish. The stock appears on course to move to the target zone of the $51.30-51.24 range that was the previous resistance now has become the most important support.

Chart courtesy of stockcharts

ESV - The short-term trend has turned weak, as the stock closed below the stop-loss level of $60 The stock is likely to slide to the $57-58 range next week.

Chart courtesy of stockcharts

JASO - After a long up leg that brought prices from the March low of $12.17 to Friday highs of $19.15, the stock has gained nearly 60 percent. Can we open long positions now? Aggressive traders may open long positions and I really like the chart but at this level I would wait for a pull back before putting any cash to work.

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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