Trade Ideas: CCJ, LULU, MS, RIMM

The technical chart of Morgan Stanley (NYSE:MS) is very similar to other stocks in the banking sector. The stock has been in a major corrective phase in the recent weeks. The downtrend that commenced in late february appears to have been completed at the latest low of $26.70. The next leg of the uptrend appears to be underway now. The momentum indicators on the daily chart of MS are also giving a buy signal and the share price could move to the short-term target of $28.20-$28.97. This view would be valid as long as the stock holds above $26.64. Have a stop-loss at this level for long positions.

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Lululemon Athletica inc. (NASDAQ:LULU) – The recent spike in price has pushed the stock into a short-term overbought zone. The implication is that a short-term downward correction could materialise and a test of the support zone at $85-$85.28 appears likely.

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The Technical chart of Cameco Corporation (NYSE:CCJ) is not displaying any signs of strength. It’s best to invest in some other sector that has the momentum. There can however, be a short-term bounce to $31.28 or $32.18 levels.

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Research In Motion Limited (NASDAQ:RIMM) – On daily chart, the near-term trend is bearish and the stock faces resistance at $57.90-$58.45. A close above this range is a pre-requisite for the reversal of the bearish trend. Stop-loss for long positions may be placed at $55.59.

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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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