Stocks in Play for August 10 (CIEN, NVDA, PWER, SOLF)

I have been following Solarfun Power Holdings (SOLF) for while and over the last weeks I never seen so many buyers purchasing the stock. The volume over the recent days has dramatically increased. There are some days when the normal average volume is reached in the first hours of trading, which mean someone is accumulating a huge amount of shares for the coming months. The technical indicator OBV shows exactly this situation. With Oil moving up again above $80, the appetite to buy solar stocks will be on the priorities of many fund managers again,…’s my guess. The stock hit a 52-week high of $12.30 on August 3th, but has pulled back the past few days. SOLF is setting up to make a move back to highs and I will be watching. If oil continues to move higher , we should see SOLF make a move.

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Ciena Corporation (CIEN) broke out above its 50-day moving average of $13.64 to close at $13.72. Further rally could be seen to retest $14 medium term resistance. As long as the stock stay above $13 area, the short-term bullish scenario is still intact. Technical daily chart shows bullish sign with %K line is on top of %D line and RSI moving up toward 50. Only a close below $13 reverses the current uptrend.

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Power-One (PWER) – Today, the stock made a new 52-week high of $13.04. I think there is a good chance the stock will make another move on Tuesday. Resistance reflects Monday’s high of $13.04. If the stock can break resistance, there should be opportunity for a good upside trade. The technical chart shows very strong upward momentum as the stock is trading above the 200-day moving average with both 50-day and 200-day moving average going up. At this point I’m buyer only once it breaks through today’s high of $13.04 for the continuation move. Stochastics and the RSI are overbought but remain bullish signaling.

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The daily chart of NVIDIA Corporation (NVDA) shows a positive MACD crossover with both histograms and RSI moving up. From a technical perspective, further upside potential remains for the stock in the short term but patience will be required.

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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 324 Articles

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

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