Trade Ideas for Tomorrow: DRYS, GIGM, HMY, PKD

Harmony Gold Mining Co. (NYSE:HMY) had a very good bullish rally this week accompanied with large volume. A gap was formed also with good volume. The stock is now near the red line as RSI approaches the 90 level. It may still move up some cents but I expect a correction any time as I have observed that a lot of indicators have already reached overbought level. Right now it is way too risky for a long position.

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Parker Drilling Company (NYSE:PKD) has rallied from below $4 to above $5.75 in just two months, a gain of over 40%. The technical chart shows very strong upward momentum as the stock is trading above the 50 day moving average with both 50 day and 200 day moving average going up. At this point I will be a buyer only once it breaks through Wednesday’s high of $5.85 for the continuation move. Stochastics and the RSI are overbought but remain bullish signaling.

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GigaMedia Limited (NASDAQ:GIGM) closed at $1.30, up 15 cents points for the day, reconfirming the new uptrend after the recent break above the major resistance on expanding volume. The technical indicators are looking better for the stock. The technical chart shows a very bullish sign as the stock is back on top of 50 day moving average. For now, expect a run up to next resistance area around $1.50. If the stock is able to cross it and sustain above it, then it might go to $1.73 ( 200 EMA ). Support lies around $1.16.

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DryShips Inc. (NASDAQ:DRYS) breaks above the key resistance zone at $4.72 ( MA 200 ), signifying that a new short term uptrend is in place. Further rise is expected to follow to retest $5.19 high. Near term support is now located at $4.62, as long as this level holds, I’d expect the uptrend to continue. Long-term investors may hold with a stop at $4.48.

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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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