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Wednesday, October 15, 2008 

Stock Picks and Trade Ideas for Thursday - RF, C , WFC, NVDA

Chart courtesy of stockcharts ( click to enlarge )

RF - The stock is recovering from last weeks’ equity sell-off. The stock is around $11.67, which is below its 200 day moving average but above the 50 day moving average. Technically, the stock doesn’t look bad. Crossing above the $12 level could see a resumption of the bull rally and the stock could rise to touch the $14-$14.50 levels.

Chart courtesy of stockcharts ( click to enlarge )

NVDA - The stock is in a bearish phase and I have to say that the recent downtrend does not appear be complete. Reasonable expectations suggest to me that we might see stock drops to near its 52 week low at $6.28 if this uncertainty in the markets persist for some time. Technicaly, NVDA is still in very weak market as 50 day moving average is still declining and MACD is still below 0. Any move below $6.90 will drag the stock towards $6.28.

Chart courtesy of stockcharts ( click to enlarge )

WFC -The stock has moved above 200-day moving average and is moving toward near-term resistance near 36. In order to avoid being caught in a false breakout situation, enter your trade with a stop order at least $32.10 above the breakout level.

Chart courtesy of stockcharts ( click to enlarge )

C - Despite the recent bounce back, the price action has failed to cross above the short-term resistance line at $18.17 ( 50 day moving average ). The stock could fall up to $16.

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. See you tomorrow !!!


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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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