Stocks in Play for August 16 (BAC, LVS, NVDA, SIRI)

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Bank of America (BAC) – The bearish momentum was paused on Friday. The bias is now neutral in nearest term but the main scenario remains to the downside. Only a consistent break above $13.30 on a close basis could trigger further upside momentum but as long as price move below this level the bearish scenario should remain intact.

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The stock continued its bullish momentum today closing at 28.39 in a weak market. The bias remains bullish in nearest term testing 29.50 region. From a technical perspective, the stock still in an upside correction phase after the failure to consistently move below 26.92 support area. If the stock can break resistance, and the market gains some strength, we should see a solid upside move in Las Vegas Sands (LVS).

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As you can see on my technical chart above, Sirius XM Radio (SIRI) is moving inside a rectangle area indicating consolidation after significant bullishr momentum. The stock needs to break from the range area to see clearer direction. A break above 1.10 could trigger further bullish momentum targeting 1.25 region, while a break below 0.88/0.89 could change the trend considerably, but this is not likely to happen. CCI is heading up again on chart suggesting potential upside rebound. Keep an eye on SIRI next week.

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NVIDIA (NVDA) was up on Friday, after the company released good earnings. The stock was up $.43 on 2x normal daily volume, as it hit a high of $9.52. I will be watching NVDA on Monday for a follow through move, using Friday’s high as resistance. The bias is bullish in nearest term. There is a lot of upside room in this stock, so watch it closely.

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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