Stocks To Watch Next Week - CIEN, AMZN, TSO

Chart courtesy of www.stockcharts.com ( click to enlarge )

Tesoro Corp (TSO) - The technical chart looks really positive after the stock crossed the 12 level, but honestly the volume was not good enough to be convincing. The near-term outlook stays cautious till the stock closes conclusively above $12. So far the technical chart is still showing buy signal with stock trading above 50 day moving averages with MACD on top of signal line and K line on top of D line. Short-term traders can hold their longs with a stop at $11.

Chart courtesy of www.stockcharts.com ( click to enlarge )

Amazon (AMZN) - The stock reversed direction near 55 level last week. This level is proving to be a strong resistance zone. A strong trend would not be in place unless the stock closes above this level, while a close below nearby congestion support in the 50 area would predict a test of short-term uptrend support near 45. The uptrend continuation scenario is slightly more likely at the moment. Shareholders may remain invested with a stop-loss at 50.

Chart courtesy of www.stockcharts.com ( click to enlarge )

Ciena Corporation (CIEN) - The short-term outlook remains bearish and a drop to the 5.75-6 range appears likely. Short positions may be considered with a price target of 5.75-6 and a stop-loss at 6.64 ( 20 dma ). The weak outlook would be negated only on a close above 6.64 on heavy volume. The long-term trend is bearish.

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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