Stock Picks for Dec. 14: DRYS, GOOG, OCLR

DryShips Inc. (NASDAQ:DRYS) closed lower on the session but it was encouraging to see the intraday bounce from $6.23. If the rally continues tomorrow we should be good. The short-term trend on the daily chart remains bullish but if you’re looking for a new bullish entry point consider waiting for a dip near its 7-dma around $6.09.

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It was a rough day for Oclaro, Inc. (NASDAQ:OCLR). Auriga downgraded the stock to “Hold” from “Buy”. The stock gave up 3% and hit an intraday low of $11.91. At this stage the stock needs to close above $12.52 ( 200-dma ) in order for a bullish resumption. On the other hand a close below $12.03 would open the door to a new bearish move that could take the stock to the $11 area.

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Shares of Google Inc. (NASDAQ:GOOG) were upgraded to a “Outperform” by one analyst firm but that wasn’t enough to push the stock above the $600 level. Aggressive traders might want to consider short positions now with a stop loss at $603 and a $580 target. The near-term view is bearish for the stock as long as it trades below $600. Near term supports for GOOG are at $589.10 and then $580. Resistances would be at $600 and then $603. Fresh longs can be initiated only above the second resistance.

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Other stocks to watch:

GigaMedia Limited (NASDAQ:GIGM) closed above the key resistance level of $1.58 amidst crappy stock market conditions. As long as the stock stays above the $1.50, I like the stock in the short term.

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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