Stocks in Play for August 23 (GNBT, INTU, MRVL, SIRI)

Intuit (INTU) broke resistance today, hitting a new 52-week high. Today’s high of $44.85 is resistance for the continuation move. At this stage, the stock is too extended for additional positions, and is in the overbought zone. I really like the chart but at this level I would wait for a pull back before putting any cash to work. Keep the stock on your radar.

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Sirius XM Radio (SIRI) continues to hold $.95 but trade in a narrow range. Shareholders are probably getting frustrated because the stock doesn’t move higher, however the short term uptrend line still intact. As long as the stock trades above this short-term support, investors can hold it with stop-loss at $.95. SIRI is a great company and I plan to buy the stock on a close over $1.02.

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Marvell Technology (MRVL) – The stock had a nice breakout and I am looking for it to continue next week. I am buying MRVL once it breaks above friday’s high of $16.73 on the continuation move.

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Generex Biotechnology (GNBT) was another winner for my readers this week. The markets are continuing to pullback, but that didn’t stop the stock from posting a gain of around 20% this week. Last time I alerted you to this stock we saw gains in excess of 10% ! And now, because the stock had a nice and healthy pullback, it could be a great time to score big with it again. Look at GNTB’s wonderful chart ! Things are now beginning to turn in favor of Bulls. The stock could breakout again at any moment! Just look at the way it broke out of $.40 on strong volume! The trend is definitely your friend here. The MACD also confirms the recent jump and RSI shows that there’s more upside to come. GNBT should be watched closely, it could pay off big if it shoots up from its current level. Keep a close eye on GNBT because once it does move, it should be a good one.

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Other stocks to watch:

Cell Therapeutics, Inc. (CTIC) – Waiting to buy when the stock closes above it’s 50 day moving average located at $0.41. Until then, I remain on the sidelines.

Somaxon Pharmaceuticals, Inc. (SOMX) – The stock continues the recent downtrend. I remain on the sideline until the stock closes back over the 50-day moving average located at $3.84.

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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