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Thursday, April 17, 2008 

Stock Picks and Trade Ideas for Thursday - NOK, AAPL, NTRI, RIMM

Chart courtesy of stockcharts ( click to enlarge )

Research in Motion (RIMM) looks like its trading in an upward channel here. The immediate support is at $114.22 and resistance is at $124. Technically the stock is in a strong bull market with 50 day moving average on top over 200 day moving average and with K line again on top of D line. I think the stock should continue to go up.

Chart courtesy of stockcharts ( click to enlarge )

Early in the morning I was surprised with the coverage that one analyst of Lehman gave to Nutrisystem. " Lehman Brothers analyst Karen Howland started coverage of Nutrisystem at "Underweight," and said the company's upfront payment of $300 for a month of meals may be too much for Americans who are trying to save money." Well, guys, this is really interesting to read, mainly the timming of the coverage. All of us know that the stock is presently very well technically near to breakout an important resistance of $19.90. Besides that, he has not mentioned nothing (Of what I have read and seen) related with the actual forecast that last week company reported to the market, which topped Wall Street estimates. In addition, I think he also forgot to mention some key factors, like no debt, new product line, new expansion to Canadian market, beating Q1 estimate and shares buyback.The timing of the coverage comes in a moment where we could see some signals of turnaround in the US economy due to the cut taxes. Well, he is an analyst of market I'm not, however I don't need to agree with him, and currently I don't agree. Technically stock is trading in a true bull flag and should have a sharp move higher if it can clear the flag area.

Chart courtesy of stockcharts ( click to enlarge )

AAPL - On Wednesday the stock closed above the 200 day SMA for the first time this week. The technical chart shows mix signal with MACD above 0 showing positive sign but with the 50 day moving average below 200 day moving average. If K line can break above D line we may see some rally to $159.69. Keep an eye on AAPL because with stock now back above the 200 day moving average more buyers should come.

Chart courtesy of stockcharts ( click to enlarge )

NOK - On Wednesday company will report earnings. According to the Thomson First Call summary, analysts expect Nokia to post a profit of 57 cents a share on $19.84 billion in sales. Looking at the daily chart, the stock has been in a sold trend recently and has held up pretty well today. It has been very reliable in bouncing off the 20 dma as shown the chart. Next move on stock will depend of earnings report. So, stay tuned on her tomorrow morning.

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 day !!!


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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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