Stock Picks For Wednesday: Ciena, Advanced Micro Devices

Chart courtesy of stockcharts ( click to enlarge )

Advanced Micro Devices (AMD) - I am keeping AMD on the list for Wednesday. INTC released better then expected numbers after Tuesday’s close, which should lead to the semiconductor sector bouncing on Wednesday. If this sector shows strength on Wednesday, I will buy AMD above Tuesday’s high of $3.61. If the stock breaks $3.60 on a close basis, we should see it pause at $4.00 and then make a strong upside move to $4.80. From a technical perspective, the stock has formed a positive divergence pattern and we could see a rally on the stock, if it is able to move above the $3.61 level and if overall market sentiment for frontline tech stocks turns positive.

Chart courtesy of stockcharts ( click to enlarge )

Ciena (CIEN) broke through its short term resistance level of $9.50 on Tuesday, and looks ready to go higher. The stock was able to close positive in a choppy market environment, which is another reason to continue watching. The technical chart shows the stock is rising as K line is on top over D line showing buy signal. Once CIEN breaks above Tuesday’s high of $9.76, get ready to enter the trade on the continuation move.

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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