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Tuesday, March 04, 2008 

Trade Ideas for Wednesday - INTC, FSLR, RIMM, RMBS, CNXT, FCN

Chart courtesy of stockcharts

FCN - Stock broke out to all time highs last week. This is generally a hot buy from a technical perspective, however and at this point the stock is too extended for additional positions, and is now approching of the Overbought zone. Right now it is way too risky for a long position. Buy point is on the day it breaks $64.83 mark on heavy volume.

Chart courtesy of stockcharts

CNXT has broken its descending triangle last week, and since then it still losing some power to move up. However is curious the fact that volume has not increased in the same way, and stock still trading below its daily volume. For my point of view, the big boys are not selling and probably are accumulating some shares, grabbing the bad condition of market. Stock is dropping without news.

Chart courtesy of stockcharts

The stock touched an intra-day high of $17.60 and a low of $16.85 before closing at $17.32 above the key level. I noticed an increase in volume on the five-minute chart around $17, which could mean a possible scenario of accumulation. Well, indicators are not printing a bullish momentum, however and looking at the overall financial environment, RMBS is acting well. I expect an upside movement in short term to near to test its resistance around its 200-day moving average. Stay tuned on her.

Chart courtesy of stockcharts

RIMM - The area of previous resistance of RIMM around $98 now has become support. If the support holds, then it signals an intermediate to short term trend change. In this case it quickly rises away from support, but if support is broken, then expects a move to $90 ( I really don't believe in this scenario, but everything is possible in this economic enviroment). Buy point is on the day it breaks the short term resistance area at $112.26.

Chart courtesy of stockcharts

FSLR - $200 is still acting as a good support for First Solar shares. Buy point on stock is when it crosses the upper line on heavy volume and closes out of the pattern, above $216.

Chart courtesy of stockcharts

INTC - Looking at the daily chart, if $19.51 major horizontal becomes firm and sustained support, the stock should test again its resistance line. Although we have seen a huge drop early in the morning, the white candle printing on today session gives a feeling of confidence for tomorrow.

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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Fantastic your analysis. I'm your reader since longtime. You're doing a great job for all community.

Thank you so much !!! All the best...

Peter from New York,

FSLR, its a good chart for trade, thanks for your analysis.

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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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