Stock Picks And Trade Ideas For Next Week - AMAT, SOLF, ABAT, PMCS

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PMC-Sierra (PMCS) - The stock dropped more than $1 in the last three days. It looks like investors are getting pretty nervous over how earnings might play out and the recent news from its rivals were so bad that it will not for sure help the sentiment on stock. Looking at the daily chart the stock broke down on yesterday reversing a three-month uptrend. In addition MACD is also weak as MACD and signal line are below and are declining.First support is at $7.06 with stronger support down at $6.58. This stock is pointed south.

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Advanced Battery Tec (ABAT) broke out to record highs today on heavy volume confirmation indicating that this breakout is more likely to be real. However at this point we may need to pull back and retest $5.68 to reset the overbought conditions and provide some room to develop a new trend up.

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SolarFun Power Holdings (SOLF) - The stock is consolidating in a descending triangle pattern, if the shares price breaks down the $18 support level there isn’t any support until around $16 leaving lots of room for this to run for the bears.

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Applied Materials (AMAT) - The pullback below the short-term support level, accompanied by a bearish MACD crossover, suggests that the selling pressure is increasing and the stock might test $19 levels in the short term if it is able to sustain below $19.65.

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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