Stocks to Watch: SPWR, AAPL, TSLA

By Jul 1, 2013, 9:04 AM Author's Blog  

SunPower Corporation (SPWR) continues to build a base above its 50-day moving average located at the mid-$17 levels. After first finding support along its rolling MA that has been penetrated since May 10, SPWR broke out with significant gains. In recent weeks the name has had several failed attempts toward its 52-week highs. However, if the ticker’s current upper range continues to be in play, momentum traders could take the name to re-test or possibly take out its next major overhead resistance located at the $21.31 and $23.00 levels, respectively.

Stocks to Watch: SPWR, AAPL, TSLA

Once SPWR penetrates those levels, look for potential continuation above 52-week’s highs of $23.76 for what could be a move back to highs of $26.

SPWR  closed at $20.70 on Friday.

Apple (AAPL)’s stock still suffers from a lot of volatility and uncertainty. These are one of the main reasons it is struggling to build a base above its double-bottom formed in the $380′s on Friday. After putting a new floor above the $385 level on April 19, the equity showed some relative strength and rallied as high as $465 over the following weeks, a gain of 21% from those lows. However, AAPL gave up nearly all of those gains by dipping below its 200-day moving average located at the $455 area, after finding no support along its $427, and $400 levels, respectively.

Stocks to Watch: SPWR, AAPL, TSLA

While Apple won’t break the $700 barrier again any time soon, the name — which is worth noting, currently trades at just 9.3x projections for earnings this fiscal year — is a ‘buy’ down here going into the earnings report Monday/July, 22-nd.

Sell rallies into the mid-$450′s.

Tesla Motors (TSLA) stock continues its rise. For the last two months this high-octane auto stock has made a series of higher lows while consolidating its price action within the parallel rising channel. The chart below shows the highest lows recently made, thus re-confirming the name’s upward bias.

Stocks to Watch: SPWR, AAPL, TSLA

Look for a potential follow-through that takes the ticker above Thursday’s highs of $109.25, and up toward its next major overhead resistance located at the $113.96 area. A break above these levels will likely take TSLA above its all-time high of $114.90.

Shares of Tesla closed down 1.73 percent at $107.36 on Friday. After bottoming out below $26 this past summer (August 2, 2012), the ticker has more than quintupled in value since then.

Tesla has traded in a 52-week range of $25.52 – $114.90.

Disclosure: No position

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GOOG596.08  chart+6.81  chart +1.16%
AAPL100.96  chart-0.83  chart -0.82%
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