Stock Picks For Monday: Rambus, Celera And Melco Crown Entertainment

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Stock Picks For Monday: Rambus, Celera And Melco Crown Entertainment

By Antonio Costa on October 18, 2009 | More Posts By Antonio Costa | Author's Website

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Melco Crown Entertainment (MPEL) has been pulling back since it made 52-week highs in September. The stock might have found a bottom as it closed up $0.06 on Friday bouncing off the bottom channel. If MPEL can break through Friday’s resistance high, we should see an increase in volume. MPEL can be a good trading stock, so watch it closely on Monday.

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Rambus (RMBS) - After its big move last Friday, the stock consolidated this week, as investors held off on buying and shifted their focus to the recent market news. I like this chart and will continue to follow the stock until it moves in either direction. Even with today’s drop in share price I’m still technically within the uptrend channel. The stock has been trying to make an upside, but it has not been able to gather any momentum. If the tech market bounces on Monday, watch the stock closely. Some Indicators are really giving Bullish indications with MACD on top of 0 and K line on top of D line. The near-term outlook for the stock does not appear negative. Only a close below $17.63 would have negative implications. Hold on with a stop loss at this level. Resistance is $19.56, which was the high on October 15th. If RMBS can break resistance, we should see the stock try to test 52-week highs of $19.93.

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Celera (CRA) was up slightly on Friday, as it closes in on resistance. The fact that the stock was up in a down market, confirms to us, that there are buyers in CRA. The volume was also good. Resistance stays at $6.84 for the breakout move. The technical chart is still showing buy signal with stock trading above 20 day and 50 day moving averages with MACD on top of signal line and K line on top of D line.

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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