Stock Picks For Friday: Citigroup And Apple

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Stock Picks For Friday: Citigroup And Apple

By Antonio Costa on August 28, 2009 | More Posts By Antonio Costa | Author's Website

Chart courtesy of stockcharts ( click to enlarge )

Apple (AAPL) made a small move on Thursday, but still looks like it wants to go. This stock is trading near 52-week highs and this could be the catalyst to break through. I’m setting resistance at $170.94, which was the high of Tuesday. If the stock breaks through, the next resistance is the 52-week high of $176.25. The fact that AAPL is holding up as volume dramatically decreases, is another sign of a future upside move. Keep watching AAPL for the next few trading sessions.

Chart courtesy of stockcharts ( click to enlarge )

Citigroup (C) looks strong enough to move forward. As expected, the stock broke up through the resistance at $5 on huge volume of over 1.202 Million shares. At this stage, further rally is still possible in next several days. The breakout signals a continuation of the prior advance. Even though I find the breakout bullish, I also find Citigroup a bit overextended. As long as $5 holds, this breakout is in great shape. The stock has the potential for a strong follow through, so watch it closely on Friday.
Other Stocks to Watch :

Capstone Turbine Corporation - CPST ( Bearish Two Crows Pattern )
Sirius XM Radio Inc. - SIRI ( White Spinning Top )
Alcatel-Lucent - ALU ( Bullish Hammer Pattern )
DryShips Inc. - DRYS ( Bullish Engulfing )
Microsoft Corporation - MSFT ( Bullish Engulfing )
Pfizer Inc. - PFE ( Bullish Engulfing )
JPMorgan Chase & Co. - JPM ( Bullish Engulfing )
Alcoa Inc. - AA ( Bullish Engulfing )
Verizon Communications Inc. - VZ ( Bearish Engulfing )
Vantage Drilling Company - VTG ( Bearish Engulfing )
CVS Caremark Corporation - CVS ( Bearish Engulfing )
The Southern Company - SO ( Bearish Engulfing )

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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