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Saturday, April 14, 2012 

Trade Ideas for Week of April 16, 2012

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Renren Inc (NYSE:RENN) stock closed right at a key resistance level Friday with a bullish green candle. At this point, the stock is overbought but volume and money flow still building. Nearest resistance for the stock is at $7.45. If this level is crossed and the stock is able to sustain above this level, then it might go to $8. For long trades, stop loss should be placed at around 5.92.  Watch the stock closely next week. 
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Sequenom, Inc.(NASDAQ:SQNM) had a bullish momentum on Friday, closing the day with a gain of more than one percentage point near the highest price of the day on a sell-off day on Wall Street. The bias is bullish in nearest term especially if price able to stay consistently above $3.93 targeting $4.50. Stock was oversold and is now in reverse. Note a positive MACD divergence on daily chart and bull cross.
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Visa Inc (NYSE:V) broke out on Friday and made a new 52-week high of $123.68. I'm keeping V on the list for the continuation move. The stock had big buyers in it all day and looks ready to make another move on Monday. I'm using Friday’s high as resistance. A break above that area could trigger further bullish momentum.
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Sirius XM Radio Inc (NASDAQ:SIRI) - From a technical standpoint, this stock is currently in an uptrend and is finding support from its 50 DMA at 2.23 . If it stays above and moves up, then it might even go to 2.41. If the stock falls below this level, then it might see further weakness. 
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E Commerce China Dangdang Inc (NYSE:DANG) had a significant bullish momentum last week after break above 10 and now struggling around 10.3. Looking at the technical chart above the bias is bullish in nearest term especially if price is able to stay consistently above 10 targeting 11.25. Unless we have another movement back below this level, I think DANG still in a bullish correction phase.

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FormFactor, Inc. (NASDAQ:FORM) stock has entered into a consolidation phase after rising very fast in the past few days. The bias remains bullish in nearest term. Immediate resistance remains at $6. Break above that level could trigger further bullish momentum towards $6.5 area. Initial support remains at $5.54 ( 20-day moving average ). I expect positive trend in the stock to continue with immediate target placed at $6.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

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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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