Stock Picks For Tuesday: Blockbuster And Rambus

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

Rambus (RMBS) - On the daily chart, the stock is still facing resistance around 16.20. It seems to be forming a short ascending triangle, with support at 15.32 and resistance at 16.20. Considering the volume decrease in this move, I’m now in doubt if this is a valid pattern. I am more inclined to consider this as a bearish move that may break the support. If the resistance is broken, we can expect a target price of 16.92, which is also the 13-day moving average line. But on the other hand, there is also a possibility of break down. Cut loss immediately if 15.32 is broken.

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

Blockbuster (BBI) - Blockbuster was a winner today. The stock rose $0.05, or 8 percent, to $0.67. BBI has had a bearish move recently. The downward price movement is not accompanied by volume, which suggests that people are still holding the stock. Currently price is now at 0.67 level and based on KD indicator we might see an upward move for this stock again. The short-term targets are 0.7, 0.76 and then 0.81. Short-term support is at 0.62.

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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