Stock Picks For Thursday: Ameristar Casino And Cerner Corp

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Stock Picks For Thursday: Ameristar Casino And Cerner Corp

By Antonio Costa on April 30, 2009 | More Posts By Antonio Costa | Author's Website

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

Cerner Corp (CERN) seems to have formed a small ascending triangle and broke above resistance at 1.64. The breakout from the resistance line is just a confirmation of the recent upward move. In addition, this breakout was accompanied by large volume, however this may still be affected by general market sentiment. From the technical chart MACD and KD both signal positive strength. The stock is now trading above 50 day and 200 day moving average, also a bullish sign. The only potential risk is that RSI has already reached overbought level. Watch out for the upcoming resistance at 55.

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

Ameristar Casino (ASCA) - Ameristar Casino is very bullish with a lot of hot indicators showing up. The slope of the upward move is very steep accompanied by increasing volume. However, as clearly seen in the chart, the stock needs to take a breather. It cannot sustain a very steep slope forever and looking at the RSI, it has reached the overbought territory in a very sharp upmove. It seems that the breather will happen anytime soon. Things to watch out for tomorrow is the $19 level acting as resistance and the gap formed between 16 and 17. A move above the resistance line means there is a good chance for price to move up to 20. A move to close the gap ( 16- 17 ) means we are in for another bearish ride.

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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