Stock Picks And Trade Ideas For Wednesday - C, AMD, FSLR

Chart courtesy of stockcharts ( click to enlarge )

First Solar (FSLR) - First Solar is doing relatively well considering the market’s condition. The stock has held its recent gains quite well and closed above its 50-day moving average for the third consecutive session. Even though the stock is up around 20% in a few weeks, the bears do not have a leg to stand on as long as $234 holds. On the other hand any close above the resistance level of $292.88 could trigger a buy signal and I suggest buying at that time. Looking at the daily chart above it shows positive sign as stock has been trading above 50 day moving average. In addition with KD going up the stock is probably ready for a rally. Stay tuned on FSLR.

Chart courtesy of stockcharts ( click to enlarge )

Advanced Micro Devices (AMD) - The stock is firming near the lower trendline of a falling price channel. After a sharp decline last Wednesday and Thursday, the stock firmed over the last three days. A move above $5 would recoup broken support. This would be short-term bullish. The stock needs to break $5.15 to revive the bulls.

Chart courtesy of stockcharts ( click to enlarge )

Citigroup (C) - The stock has a negative technical profile. Citigroup continues to be weak and the intermediate trend is down. The stock broke support at $16.25 yesterday and still trading below its major moving averages. Technical action yesterday was sufficient to push the stock down to new lows on today’s session. Looking at the daily chart, the MACD continues below its signal line, showing a clear evidence of a Bearish trend. In addition, RSI is less than 30 indicating that the stock is oversold. However an oversold stock doesn’t mean that the stock will rebound strongly.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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