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Wednesday, March 25, 2009 

Hot stocks for Wednesday - Quality Systems and Cliffs Natural Resources

Chart courtesy of www.stockcharts.com ( click to enlarge )

CLF - I never thought that stock would break the neckline of a double bottom, but it did with a nice volume. The target price for the double bottom pattern is at 18.37. Double bottoms signals a reversal of the preceding bearish Major Trend. The technical chart continues to show a bullish bias. Next resistance is at 17.68 then followed by 18.37. Correction may happen soon, so for those who would like to get in this stock, this would be a good opportunity.

Chart courtesy of www.stockcharts.com ( click to enlarge )

QSII - The stock broke out to a new all-time high today, accompanied by a strong volume suggesting higher levels. QSII has been in a nice uptrend for the last two weeks and it looks very strong with both 50 day and 200 day moving average going up while K line is on top of D line. The stock is now on the overbought level, so this means a possible correction is near. This may give us a chance to jump in on the stock when it moves lower. Watchout for support at 46.25, as long as the stock does not go below this level on its correction phase, we are still safe. QSII 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 Folks.


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I appreciate your recommendation on Cliffs. I agree it seems undervalued. They just bought 19% of a Canadian company called KWG Resources Inc. They are working on a chrome deposit. Looks like they are ready to expand their product line.

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  • 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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