Stocks To Watch This Week - JDS Uniphase, NGAS Resources, Qualcomm

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

NGAS Resources (NGAS) - The stock made indecisive movement on Friday by opened and closed at almost the same price and formed a Doji candle stick formation on the daily technical chart. Having an oversold status on the daily chart we can expect the 0.77 support level to hold and while above that we should look for a retest of Friday’s high at 0.88. I think the stock can move higher, but i will protect my capital with the stop remaining at 0.77.

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

Qualcomm (QCOM) - The stock price action was devoid of any significant momentum over last week. The near-term outlook would depend on the price movement in the next few days. A close above $34.80 would impart bullishness and would help the stock move to the 35-37 band. A drop below 32.67 would have negative implications that would push the stock down to the 29-30.25 range. Technical indicators remain moderately bullish as MACD momentum holds in positive territory and RSI moves sideways slightly below the 50 level.

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

JDS Uniphase (JDSU) - The stock dropped nearly 65% from its recent high, making it incredibly cheap on a P/E basis. The company remains well positioned in the market in many distinct areas of business. Technically, the stock continued it’s bearish momentum yesterday. JDSU bottomed at 2.24 and closed at 2.28. On the chart above we can see that further bearish movement was rejected by strong support at 2.25 area. The fact that 2.25 might be a strong support also supported by oversold CCI and heading up so watch out for potential upside movement to 2.56 and 2.75 resistance area. Let’s keep an eye on JDSU.

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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