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Wednesday, March 05, 2008 

Trade Ideas for Thursday - GLD,GOOG, DRYS, ERTS

Chart courtesy of stockcharts

ERTS - The 20-day moving average is still acting as the major resistance to a move higher. The stock has been on downtrend since mid December when it hit 52 weeks high of $60.35 per share. 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 ERTS will test February lows before move up again. Let's keep an eye on her.

Chart courtesy of stockcharts

DRYS - The stock has chance to back to rally after closed above its major moving averages. In addition, K line is now back on top over D line. However with MACD still showing weak signal and stock back to resistence it's better to stay on the sideline now until the buy signal is more clear. A close above $78.40 is a good buy signal.

Chart courtesy of stockcharts

GOOG - Still in downtrend. Looks like GOOG will begin to accelerate to the downside here. Dead cross pattern activated.

Chart courtesy of stockcharts

GLD looking good. Stock broke out to all time highs on today session. GLD has been in a nice uptrend for the last six months. The stock broke out in December on huge volume and has not looked back. The stock still looks very strong with both 50 day and 200 day moving average going up while K line is on top of D line. Looks like CMG is a stock to keep an eye on for awhile.

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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