Stock Picks And Trade Ideas For Thursday

Chart courtesy of stockcharts ( click to enlarge )

Sirius Satellite Radio (SIRI) - The stock is in a down trend since December 2007. The pattern formed resembles a descending triangle formation. This is a bearish formation and indicates that the stock can move lower over the medium term. Consider a long position once it rallies past $2.72. Major support is now at $2.36.

Chart courtesy of stockcharts ( click to enlarge )

Evergreen Solar (ESLR) - Made a small move up in the flag pattern, which is holding at support. Volume dropped back below average to +4 million (average 7 million). Continuing to look for the break up. Buy point on ESLR is when it breaks above $10.48 on increased volume. Money flow has trended up well since last week. In addition we can see that the relative index is starting to perk up, which supports the thesis for higher prices.

Chart courtesy of stockcharts ( click to enlarge )

Peabody Energy (BTU) - This breakout on normal volume did not convince me yet. If you’re long consider putting a stop back down below the breakout level.

Chart courtesy of stockcharts ( click to enlarge )

Elan Corp (ELN) failed to hit a new high, and is now falling back to test the prior breakout level at $28.

Chart courtesy of stockcharts ( click to enlarge )

Canadian Solar (CSIQ) - Looking at the daily chart above, stock broke out $48.91 to new 52 week high with a huge volume above daily average. Technically the chart shows the stock is still in a very strong bull market with MACD on top of signal line and 50 day moving average on top of 200 day moving average, so we should see the stock keep going strong for a while.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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