Stock Ideas For Wednesday

Traders Blog | Wednesday 20 January 2010
No Comments »

AC Investor

( click to enlarge )

CIEN broke out of a downtrend channel on Tuesday. The stock closed below highs, but could make another move today. Tuesday’s high reflects resistance for this next upside move. If CIEN can break through resistance, we should see a strong upside move as traders buy up the stock. Technically the stock looks solid trading above its 20 and 50 day moving averages. My model is long, targeting 14.06 area.
( click to enlarge )
OSIR was one of the winners on Tuesday, as the stock closed up $0.47 on the day. I expect to see another upside move, which is why I will watch it again today. Resistance stays at $8.30, which was the high on September 16th.
( click to enlarge )
GIGM – There are several indications I see which suggest a near-term bottom, including large positive divergences on MACD in daily. If the potential buy signal confirms itself, we’ll be looking for a move to the resistance area at $3.40-3.55, at the very least. Until that happens, traders will want to be on high-alert to the possibility of a bullish reversal. Keep GIGM on your screen for Wednesday’s trading session.

Traders, be sure to check out the web’s first-and-only Virtual Trading Floor, offering unparalleled access into T3 Capital Management’s elite Alpha Fund trading floor!

free trial button

Comment on this post below.