Stocks in Play for August 5 (DNDN, IRE, MOT)

Dendreon (DNDN) surprisingly gapped up with a big upward spread and was accompanied by large volume. The stock closed the day very strong at $39.78 representing a gain of over 17% since Tuesday’s close. If DNDN can break through today’s high of $40, I am a buyer of the stock. This can be a fast moving stock, so watch it closely. The technical daily chart below shows bullish signal as %K line is again on top of %D line and MACD is on top of zero. There could be some profit taking as the stock seems to rise too quickly in a short time. However, now that the stock is above 50-day moving average and the 200-day moving average, we should see the trend continue to be upward.

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Bank of Ireland (IRE) had a bearish momentum today. On the technical daily chart below we can see that price is now testing the minor trendline support indicating critical technical point. A break below that trendline support and consistent move below 4.48 area could trigger further bearish momentum testing 4.24 region and could be a serious threat to the short-term bullish correction scenario. On the upside, another movement back above 4.62 area should keep the upside medium bias intact.

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Motorola (MOT) had a very strong day, closing up $.44 on 2x normal daily volume. Today’s high was $8.18, which gives us an entry point of $8.19 on Thursday. The stock has a lot of potential to be a big percentage mover, so watch it closely. The short and medium term technical outlook are in bullish mode but I think now is also the time to think about the long term outlook.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.

About Antonio Costa 325 Articles

Antonio Costa is a 35 year old part-time trader who trade stocks in the US market.

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