Stock Picks And Trade Ideas For Wednesday

Chart courtesy of stockcharts ( click to enlarge )

(BIDU) - The stock found support around $315 and bounced up with good volume. Fresh shorts should be initiated only if the stock falls below this level.

Chart courtesy of stockcharts ( click to enlarge )

(ESLR) - Nice close today. Technically looking at the daily chart above, we can see a positive divergence of MACD when a new low was printed on March. Prices are developing a large sideways move above the dip, which looks like an accumulation area. This stock is not particularly strong at the moment, but we could see a strong rebound due to the high short interest. With so many people shorting the stock, a little push in the wrong direction will create a massive movement. So, stay tuned on her, because I believe that it can move higher from here.

Chart courtesy of stockcharts ( click to enlarge )

(NVDA) - Nvidia shares have been under pressure today after FTN Midwest analyst JoAnne Feeney cut her rating on the stock to Sell from Neutral. She set a target price of $19, which would be down 20% from yesterday’s close. The stock closed at 107.34, down 0.17% for the day. Looking at the technical chart above, the stock looks weak as the stock is still trading below both the 200 day moving average. In addition MACD Fast line crossed below slow Line, producing a Sell signal.

Chart courtesy of stockcharts ( click to enlarge )

(SSD) - The technical daily chart above is showing an ascending triangle on Simpson Mfg with resistance around the $28.50 level. Ascending triangles are usually formed as a continuation pattern in an uptrend, but sometimes they can be found at the bottom of a downtrend, case signaling a reversal, exactly what we are seeing here in the chart of SSD. However MACD indicator is giving us some signals to be cautions before enter on stock. MACD fast line crossed below the MACD slow line, generally not a good signal for the short term, so let’s see if $24 level will sustain the selling pressure.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.

Posted in Categories: Contributor, External Research, Stocks.

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