Stock Picks and Trade Ideas for Tuesday

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Canadian Solar (CSIQ) chart looks interesting. After the big move up in May, the stock filled the gap from the previous high on much lower volume. Now, stock needs to sustain above $35 to make a move to its recent high of $48.91. This is a risky play but I think this stock could go much higher very soon. Looking at the daily technical chart, the moving average indicates neutral as the stock is now trading in between 20 day and 50 day moving average. Although MACD shows weakness, KD starts to show some stabilization as K line crossed on top of D line, so there is a chance that a rally may come very soon.

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CMGI (CMGI) - For now the trend is clearly up, but you can see that the stock is now trading near the upper trendline of a rising price channel. This means it is overbought and ripe for either a consolidation or a correction. Broken resistance around $14.63 turns into support and this is the level to watch on any pullback. Let’s keep an eye on it.

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First Solar (FSLR) has had a few steep down sessions lately but has had pretty good support near $236-$240. Watch to see how they react here. Although the stock is still weak as MACD is below 0 the stock does have the potential to be back around 50 day moving average or around $275 cents per share, because K line is now on top of D line. Stay tuned on this stock.

Chart courtesy of stockcharts ( click to enlarge )

RenaissanceRe Holdings (RNR) remains within a falling price channel with resistance at $52.53. A break above this level would be bullish for all concerned, while a move below $49.50 would be negative.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.

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