Stock Picks For Friday: Canadian Solar, China Sunergy And Ciena

Chart courtesy of stockcharts ( click to enlarge )

China Sunergy (CSUN) bounced with the market on Thursday, but did not hit resistance at $4.20. I still like this stock and will watch it again on Friday. Resistance stays at $4.20, which was last week high. Technically, China Sunergy looks very good here, especially if market attempts a rally again. Although the moving average still shows weakness as 50 day moving average is below 200 day moving average, positive momentum seems to be back. You need to watch CSUN closely as it will move quickly once it breaks through resistance.

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Ciena (CIEN) tried to break down on Thursday as the stock opened lower on the day after the earnings. Buyers came in to support the stock as it ended up $0.61 on the day. The stock hit a high of $11.88 on Thursday, which is resistance for Friday’s move. If the stock does break resistance, I expect to see a strong upside move as traders buy up the stock. Ciena can be a fast moving stock and there looks to be good upside potential here, so watch the stock very closely on Friday.

Chart courtesy of stockcharts ( click to enlarge )

Canadian Solar (CSIQ) is breaking out. The stock broke through the highs set last week, and should continue to move. All the trends in stock indicators are positive or neutral. Technically, I continue to believe the stock will test the the prior highs of October 2008 at $16.15. CSIQ is a fast moving stock, so you need to watch it closely on Friday.

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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