Stock Picks For Wednesday - Cree And Suntech Power Holdings

Chart courtesy of stockcharts ( click to enlarge )

Suntech Power Holdings (STP) - The stock has been having plenty of trouble to close above its 200-day moving average. The stock is displaying upside momentum and is poised to move higher from these levels. Let’s see whether the stock can gather enough momentum to break through 17.08. If the Bulls are able to push through this level, there will be another rally towards 21.43. The uptrend continuation scenario is slightly more likely at the moment. Shareholders may remain invested with a stop-loss at 15.20.

Chart courtesy of stockcharts ( click to enlarge )

Cree (CREE) - This is a nice pull back after recent advance. The volume on this pull back has been minimal compared to the volume on the way up, so there is nothing to worry about. CREE enjoys a strong support at the 29.50-29.75 zone. Only a close below this zone would have negative implications. The near-term trend is bullish and would remain so, as long as the stock holds above 29.50. Fresh buying may be considered on a close above 31.75.
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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