Stock Market Ideas For Wednesday: Teck Resources And Ciena

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Stock Market Ideas For Wednesday: Teck Resources And Ciena

By Antonio Costa on August 19, 2009 | More Posts By Antonio Costa | Author's Website

Chart courtesy of stockcharts ( click to enlarge )

Teck Resources (TCK) closed slightly higher on Tuesday as the stock is trying to make an upside move. Resistance for this move is $126.02, which reflects Monday’s high. If the stock can break through this level, we should see strong volume drive the stock higher. TCK found pretty good support on the $24 area, however MACD is looking bearish as the fast line has crossed below the slow line on a daily chart, indicating a sell. Keep a close eye on TCK for Tuesday’s trading session.

Chart courtesy of stockcharts ( click to enlarge )

Ciena (CIEN) has been on my list a few times and it is back on for Wednesday. Ciena traded 2x normal volume on Tuesday, as the stock closed up $1.06 on the day. This is a huge move for the stock, and could be the start of another breakout move. Resistance is now at $12.94, which reflects today’s high. Technical indicators such as RSI and MACD also show buy signal as MACD is on top over signal line and RSI above 50. In addition, its call options surged on speculation the company may be a takeover target. Again, keep this on the radar!

Other Stocks to Watch :

Hewlett-Packard Company - HPQ ( Earnings Surprise )
Bank of America Corporation - BAC ( Recent Insider Buying )
PDI Inc. - PDII ( Recent Insider Buying )
Universal Display Corp. -PANL ( Recent Insider Buying )
PRIMEDIA Inc. - PRM ( Recent Insider Buying )
Stericycle Inc. - SRCL ( Recent Insider Buying )
Amazon.com Inc. - AMZN ( Recent Insider selling )
TD AMERITRADE Holding Corporation - AMTD ( Recent Insider selling )
Avocent Corporation - AVCT ( Recent Insider selling )
Silicon Laboratories, Inc. - SLAB ( Recent Insider selling )
RG Barry Corp. - DFZ ( Overbought )
James Hardie Industries NV - JHX ( Overbought )
Telular Corp. - WRLS ( Overbought )
Orbitz Worldwide, Inc. - OWW ( Overbought )

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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