Trade Ideas for Tomorrow: BIIB, MS, RMBS, XING

On today’s trading session, Morgan Stanley (NYSE:MS) declined initially and found support around $27.59 level. However, subsequently it recovered and rallied 6 percent from the session’s low closing at $29.02. The near-term outlook will depend on the price movement in the next few days. I expect to see a breakout of this small range soon. Nevertheless, keep this on your watchlist because the overall market sentiment on MS is pretty bullish. If it breaks out of $29.22, target price is around $32.

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Rambus Inc. (NASDAQ:RMBS) closed again above the downtrend line which is a good initial. Until proven otherwise, momentum is to upside.

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Biogen Idec Inc. (NASDAQ:BIIB) broke out to a new all-time high today, accompanied by a strong volume suggesting higher levels. The stock has been in a nice uptrend for the last six months and it looks very strong with both 50 day and 200 day moving average going up. On daily chart below we have a small ascending channel that has been violated to the upside indicating potential further bullish pressure. Technical indicators remain moderately bullish as MACD momentum holds in positive territory and RSI moves sideways slightly above the 50 level. Short-term outlook for the stock is bullish. Buy the stock on dips with a stop-loss at $65.90.

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Qiao Xing Universal Resources (XING) Not a pretty picture. In downtrend mode. Next support is only at $2.24, followed by $2.02.

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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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