Stock Picks And Trade Ideas For Thursday - CIEN, LDK, GOOG, RIMM

Chart courtesy of stockcharts ( click to enlarge )

Research In Motion (RIMM) formed a significant long-term peak in June 2008 at $148.139 and has been in a corrective mode since then. This fall has retraced more than 60 per cent of the entire gains. The stock has key support at $40.21. From the technical chart the stock shows very strong bearish signs. First of all the stock is trading below both 50 day and 200 day moving average with both moving average pointing downwards. Then the RSI indicator is moving below 50 also indicating a sell. In addition KD line still show the stock is on the negative swing. You can hold the stock with a stop at $40.21.

Chart courtesy of stockcharts ( click to enlarge )

Google (GOOG) broke down its support today on increased volume and selling pressure making this stock appear that it could easily be sent down to its support around $273. Only the break of the prior support now resistance confirmed by a daily closing will support higher levels. The indicators of the daily chart are still negative suggesting further possible pressure, only a strong closing again above the top of today could change this scenery. Hosnestly, I’m not optimistic.

Chart courtesy of stockcharts ( click to enlarge )

LDK Solar (LDK) - The stock continues losing ground. The technical chart shows the stock is in a bear market as it is way below both 50 day and 200 day moving average. All indicators still point to a bear market. The trend is currently down and the major support lies at $13.

Chart courtesy of stockcharts ( click to enlarge )

CIENA (CIEN) - The stock broke support today reaching a one year low. Fresh exposures may be avoided.

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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