Stock Picks For Wednesday 10 February: Allied Irish Banks, THQ, Energy Conversion Devices
( click to enlarge )
Allied Irish Banks (NYSE:AIB) looks like it wants to make an upside move. If Tuesday’s move was the start, I want to be buyer once it breaks through resistance highs of $3.37. The stock remains in a downtrend contained with the lower Bollinger Band, but appears to be basing as a possible double bottom at $3 may be taking shape. Nevertheless the price action only appears to be cautiously bullish and I would need to see more momentum to be more confident that a turn has taken place. There looks to be good upside in AIB, so keep it on your radar the next few days.
( click to enlarge )
THQ (NASDAQ:THQI) is coming up to a big level, as the stock is near its 200 day ma. I will be watching this stock closely on Wednesday as I expect to see a strong move once the stock breaks through resistance. A move past $5.94 would be a strong indicator of a further uptrend in the stock. The technical daily chart show a continuation of the uptrend with MACD and RSI in the Bullish areas. THQI is currently setting up in a very nice uptrend channel since December lows. Technically the stock looks solid trading above its 20 and 50 day moving averages. My model is long, targeting 7.46 area.
( click to enlarge )
Energy Conversion Devices (NASDAQ:ENER) has made a new 52-week low at $7.75 a share, closing the day at $7.80. Looking at the daily chart, we can see that the trend is clearly downwards. The MACD is also painting a negative picture with the indicator below its signal line. Not a pretty picture. An aggressive trader may want to short ENER here.
Other Stocks to Watch:
Stocks that have a Bullish Engulfing pattern at the end of their daily chart
TIN – TEMPLE INLAND INC
ATHR – ATHEROS COMMUN INC
VRSK – Verisk Analytics
KMT – KENNAMETAL INC
TX – TERNIUM S.A.
DGX – QUEST DIAGNOSTICS INC
ASAZY – ASSA ABLOY AB
POL – PolyOne Corp
MR – MINDRAY MEDICAL INT
EAD – Evergreen Income Ad
EDMC – Education Management
CMFO – China Marine Food G.
Stocks that have a Bearish Engulfing pattern at the end of their daily chart
XRX – XEROX CORP
NVDA – NVIDIA Corporation
MRK – Merck & Co
WLP – Wellpoint Inc
TAP – ADOLPH COORS CO
AINV – APOLLO INVT CORP
TWTC – Tw Telecom Inc A
CRK – COMSTOCK RESOURCES INC
ELNK – EarthLink, Inc. 8.17
ADS – Alliance Data Syste
AFFX – Affymetrix, Inc.
SIVB – SVB Financial
APKT – Acme Packet Inc
BEC – BECKMAN COULTER INC
DECK – Deckers Outdoor Corporation
AGNC – American Capital Ag
BWEN – Blackfoot Enterprise
INSP – InfoSpace, Inc.
KFRC – kforce.com Inc
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.
