Stock Picks And Trade Ideas For Thursday - TQNT, CEL, GE, NVDA

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Looking for the latest news from Wall Street regarding NVIDIA (NVDA) , it looks like many people grabbed the recent drop in share price to put their money working on the long side in this baby, probably thinking like myself that this could be the best opportunity for Intel to buy NVDA. Yes, I’m not joking but I remember rumors that circulated in the market during weeks or even months that are now stronger due to the recent devaluation. Wall Street Journal reported yesterday that NVIDIA topped the list in late trading on Tuesday for Buying on Weakness, which tracks stocks that fell in price but had the largest inflow of money. I think analysts have significantly underestimated the real value of this company that has more than 1.6 Billion in cash, no debt and a huge potential to still growing. Now looking at the daily chart the picture is not good, but is clear that the selling pressure is declining along with the volume. Short term momentum indicators, such as MACD, RSI and Stochastics are substantially oversold but have yet showed technical signs of a recovery, which can lead soon to a powerful rally in response.

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General Electric (GE) - The stock failed to cross its major resistance of $28.38 which would serve as an immediate barrier. On the lower side, the stock has broken its first support of $27.20 on a close basis and thereafter a major support lies at $26.15. I would probably wait for a clear confirmation of this break, before going short again. Stay tuned on General Electric.

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Shares of Cellcom Israel (CEL) continue to surge, hitting a new 52 week high of $37.05 on Wednesday. I think the stock should sustain the current trade activity in a potentially upside move, based on CEL’s new near-term stochastic reading.

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TriQuint Semiconductor (TQNT) is bouncing off the 200-sma.

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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