Stock Picks and Trade Ideas for Friday - CSIQ, SIRI, YHOO, RIMM

Chart courtesy of stockcharts ( click to enlarge )

Research In Motion (RIMM) - Looking at the daily chart above, the stock broke out the upward channel today which may implement resistance at $120. The technical indicators MACD, RSI and KD all point to downward trend.

Chart courtesy of stockcharts ( click to enlarge )

Yahoo (YHOO) - Consolidation? Volume reducing on the way down. On watch.

Chart courtesy of stockcharts ( click to enlarge )

Sirius Satellite Radio (SIRI) - Not a pretty picture. In downtrend mode.

Chart courtesy of stockcharts ( click to enlarge )

Canadian Solar’s (CSIQ) chart looks very interesting here. After the big move up last week, the stock filled the gap from the previous high on much lower volume. Now, stock needs to sustain above $42.50 to make a move to its recent high of $51.80. Nevertheless, I would like to point out that the MACD fast line crossed below the MACD slow line and the macd histogram was decreasing for 5 days, this is not a good signal, so stay tuned on it.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: Canada, Contributor, External Research, Stocks.

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