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Saturday, August 08, 2009 

Three stocks to keep watching - Ciena, Trinity Industries and Verisign

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

CIEN continues to move higher and it still looks strong on its daily chart. I raised resistance to $11.78, which was Wednesday’s high. The stock is sitting right on its 13 day moving average at $11.33. The technicals, although basic, point to a move higher in the coming days. The MACD indicator is above its signal line and is indicating further strength. In addition, the RSI indicator is moving up above 50 and the +DI is greater than the -DI by a great margin, indicating a Bullish trend. CIEN can be a fast moving stock, so watch it closely on Monday.

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

TRN showed strength on Friday, as the stock closed up $.94 on the day. This stock is setting up for a big upside move, and I'm going to be there when it happens. If TRN can break through $16.03, we should see volume buying in the stock. From the technical chart both MACD and KD are showing bullish sign as MACD is rising near 0 while KD is crossing up. Keep this one on your radar for Monday.

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

VRSN traded lower on Friday, as the company released earnings after Thursday’s close. The stock traded heavy volume as it hit a low of $18.44 on the day. I will be watching VRSN on Monday, looking for a follow through move. If the sellers come back and take VRSN back through Friday’s low, we should see strong volume as the stock moves lower. Looking at the technical chart, the pullback below the short-term support level accompained by a bearish MACD crossover, suggests that the selling pressure dramaticaly increased and the stock might test $18 levels in the short term if it is able to sustain below $19.50.

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. Have a Great 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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