Stocks in Play for August 2 (BANR, GNBT, HSY, PWER)

Power-One (PWER) remains one of the hottest stocks on the market. The stock skyrocketted 25% with heavy volume to $12.43 per share on today’s trading session, after the company announced financial results for the second quarter 2010. Power-One posted record net sales of $215 million for the second quarter ended July 4, 2010, an increase of 135% from the second quarter 2009. Net income attributable to common stockholders for the second quarter was $24 million, or $0.17 per diluted share, compared to a net loss of $7 million, or $0.08 per share for the same period last year. The technical daily chart shows the stock is still in a very strong bull market with the MACD on top of signal line and the 50-day moving average on top of 200 day moving average. However, the daily momentum indicator has reached extreme overbought levels and I believe that a near-term correction is likely to happen. The positive view would be negated if the share price closes below $11.24.

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The Hershey Company (HSY) – Looking at the technical chart the overall outlook remains negative for Hershey Corp, as long as it stays below $48. The stock has a huge resistance at this level, which was the previous support. If HSY can break through, we could see the stock test $48.42 and potentially test S$48.94-$49.61.

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Banner Corporation (BANR) rose just 0.43 percent to $2.35 today and is up 20 percent in July. Today’s gains occurred in the final 10 minutes of trading, possibly for technical reasons after the bears failed to push the stock below its major support line at about $2.3. The stock also found support at its 10-day moving average and had formed a bullish flag pattern, which some chart watchers like me consider a bullish indicator.

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Generex Biotechnology (GNBT) seems in a good short-term bullish momentum. Key resistance is now located at $.45, a break above this level will confirm the bullish trend, and the following uptrend will take price up to $.50 zone. CCI heading up towards 100 line on daily chart. The Relative Strength Index is also moving higher, which is a sign of growing strength in the stock. Also the MACD is giving a positive indication.

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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 324 Articles

Antonio Costa is a 35 year old part-time trader who trade stocks in the US market.

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