Oclaro, Inc. (NASDAQ:OCLR) stock surged 15.65 percent to $3.40 yesterday after the company raised its second quarter preliminary revenue guidance to about $86 million from the previous forecast of $75 million to $85 million, while Street predicts $80.69 million. From the technical analysis perspective, the outlook for OCLR is relatively bullish. Stochastic, MACD and ADX charts are flashing bullish signals. Also significant was that the stock closed above a key resistance point of $3.25. I will be watching the stock today for a continuation move. Resistance for this move is $3.53, which reflects Thursday’s high of the day.
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Apple Inc. (NASDAQ:AAPL) is poised to breakout to new highs. The technical chart below shows very strong upward momentum as the stock is above the major moving averages with both 50 day and 200 day moving average going up. All indicators still point to a bull market. No signals of a reversal, still holding this.
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MGIC Investment Corp. (NYSE:MTG) had a huge breakout day on heavy volume. The next key resistance levels are located at $4.44 and $4.75. The technical daily chart shows the stock is currently in the rally as %K line is rising on top of %D line, indicate buy signal. Shareholders may remain invested with a stop- loss at $3.64.
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Yesterday marked an important shift in Sirius XM Radio Inc. (NASDAQ:SIRI) shares as they closed above a major horizontal resistance line that has been forming since September last year. The stock was one of the big winners, closing up 21 cents on the day. SIRI traded heavy volume as it hit a high of $2.04. This high is resistance for today’s continuation move. Looking at the technical chart I see a stock that cleared a sideways consolidation base. Next resistance lies at $2.25. Keep SIRI on your radar for today’s trading day.
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