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Monday, December 14, 2009 

Stock Picks for Tuesday - DryShips and Allied Irish Banks plc

( click to enlarge )

AIB made a strong upside reversal today. For now, expect a run up to next resistance area around $4.28. If the stock is able to cross it and sustain above it, then it might go to $4.54. Support lies around $3.75. Things to focus on the technical daily chart is the spike in volume today. It probably marked the end of the slide and beginning of bottoming. Although both 50 day and 200 day moving averages are falling, the rising KD shows the stock is probably now in recovery mode.

( click to enlarge )

DRYS - The break of the 10-day moving average with heavy volume should be the next buy point on DRYS. The technical daily chart above shows the momentum indicators have turned up and the RSI is on the rise. Although both 50 day and 200 day moving average are showing weakness, KD line is indicating upward swing. A close above $6.21 would have positive implications and could push the stock to the $6.39-6.54 range.

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. See you tomorrow !!!


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You want to make easy money on DRYS, just short it.

It's going to $3

so much for AIB on the turn!

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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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