Trade Ideas For Wednesday: Apple, Ciena And Rambus

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

Apple (AAPL) - After breaking out of its 200-day moving average line, the stock has started to retest the previous resistance line, which is now the support. If the support holds, we may see a move back up to 125. If the support is broken, next level of support is 110. But the good volume at breakout gives a higher possibility that the support would hold. Stay tuned on it.

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

Ciena (CIEN) has reached last January’s previous high of 9.10 and it is now testing that resistance. It is a wait and see if the resistance will be broken on a close basis by the bulls. If it is broken with volume, we may see a move towards 11-12 level.

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

Rambus (RMBS) was initially forming an ascending triangle last March, but this was invalidated when the price gapped down. But the price later bounced with good volume. Considering that the bounce was accompanied by good volume, lots of traders are holding this stock at 9.42-10 level, which now provides a good level of support. Today, it traded very well in a weak market, which means the stock can move higher. Interesting to note, the downward price movement is not accompanied by volume, which suggests that people are still holding the stock. Currently price is now at 10.12 and based on the technical chart above we might see an upward move for this stock again.

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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