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Sunday, May 04, 2008 

HOT Breakout stocks to watch next week - TRN, NVDA, TTEK, GILD, UBB, MVL

Chart courtesy of stockcharts ( click to enlarge )

MVL - From the daily chart above, you can see how the stock broke through an ascending triangle pattern to the upside, by breaking $29.80 which was the major resistance over the past days. The stock has been doing well recently as K line is on top of D line with MACD on top of signal line. Now that the stock is above 50 day moving average and 200 day moving average and above the resistance more buyers should be coming.

Chart courtesy of stockcharts ( click to enlarge )

UBB - The stock broke through $145 resistance on Wednesday, and is trading above all of three major moving averages. Plus, the MACD is positive and rising. Nevertheless, there is a need for some profit-taking, for some consolidation from these high levels, and this situation might have been started on Friday, according to the latest candle on the chart. We could see a retest of the broken resistance, turning into support, in the $145 area.

Chart courtesy of stockcharts ( click to enlarge )

GILD - The stock broke through its resistance to another new high on Friday, and is trading above all three major moving averages. The MACD is positive and rising, the RSI is over 50 and also rising, and the stock is trading over both it's 50 day moving average and 200 day moving average, which is bullish. In addition KD also show very bullish sign.

Chart courtesy of stockcharts ( click to enlarge )

TTEK - Tetra Tech broke out firmly and on volume. The stock is overbought and risk is high at this stage but it’s awfully difficult to argue with progress. For those who did not have a chance to buy the stock, any pull back is your buying opportunity.

Chart courtesy of stockcharts ( click to enlarge )

After two month of consolidating, NVDA finally broke through its range and had a very nice up day on Friday. The stock was up $1.02 on 2x normal daily. The stock is set to hit $23 a share.

Chart courtesy of stockcharts ( click to enlarge )

TRN - Stock broke through resistance on Thursday, but was not able to gather must momentum on today session, It appears there is some profit-taking active now. I expected some weakness in the next few days to leave the overbought conditions, which I think it will be a great buying opportunity for the bulls. I still think this is a great stock to buy. You get to buy into the growth of wind and at the same time get the security of a company that has strong fundamentals. Hold with a stop-loss at $32.21.

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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