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Tuesday, March 02, 2010 

Trade Ideas for Wednesday - Allied Irish Banks and GigaMedia Limited

( click to enlarge )

The stock closed above its 50-day moving average for the first time since October. GIGM broke resistance with heavy volume. The technical chart shows buyers are back. With the surge today %K line is again on top over %D line showing the stock is back to new rally. A move towards $3.35 can be expected as long as $3 holds.

( click to enlarge )

AIB - The bank said Today that it swung to a net loss of 2.41 billion euros in 2009, from a profit of 772 million euros a year earlier, due to surging loan loss provisions, which jumped to 5.36 billion euros from 1.82 billion euros. The adjusted loss per share was 3.44 euros and was slightly narrower than the 3.65 euro loss forecast by analysts polled by Dow Jones Newswires. Allied Irish Banks said 3.4 billion euros of its bad debt charges relate to loans that may be transferred to the National Asset Management Agency the Irish government's bailout plan for the country's banks. From a technical perspective, the stock stock is showing some signs of life. The stock surged more than 5 percent today, accompanied by a strong volume expansion. A break above $2.968 would turn this chart bullish. Some indicators are improving but it needs to breakout to confirm the change in trend.

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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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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