The Technical Trader – Google
Mar 10, 2010 Stock to watch, Stocks On The Move, Technical Analysis, Trading Idea
Google (GOOG) was up 2.9% or $16.26 to $576.45 today, a strong performer in an otherwise flat market. On March 2nd, in a post on entitled “Google Could Be Heading Much Higher” (access here), we recommended the stock based on a technical analysis of the shares. We were looking for the stock to move to $580, with some possible resistance at $560.
With the stock now at $576.45 and the stock up better than thirty-six points since our recommendation, those still holding need to assess the trade.
From a technical analysis standpoint, the stock has performed exactly as one would expect, hitting a triple bottom (pattern formed between November and February) at $520 on February 25 and promptly turning around and closing higher every day but two since then.
As such, we should expect the same might hold true and the stock might soon get checked as astute traders take profits from the current run.
We would hold still to maximize profits, but put in a very tight stop, maybe 5 points below current level and if the stock keeps moving up, adjust stop upward a point for every one point gain in the shares. While the shares might continue their upward march into next week or even beyond, we recommend exiting the trade by the close on Friday. Otherwise If the market is weak on Thursday, exit.
Google Recommendation Follow-up
Mar 4, 2010 Technical Analysis, Trading Idea, Uncategorized
Two days ago on March 2nd, we published a post on the Navivest blog, in which we suggested that based on technical analysis, Google shares could be heading much higher.
The shares were at $542 then and today, they closed at $554.59, up 12 points since then. We still see some more upside although with the nice move in just two days, its never a bad idea to take early profits.
Tomorrow Friday before the market opens, we get some key economic news, including the unemployment rate for February.
Should the economic news releases send the market higher, we would hold on to Google shares and set tight stops, with an aim towards taking profits next week, but if the news is bad, then close out the Google trade.
Tags: google, stock recommendation, Trading Idea
Trade Recommendation Follow-up – Nordson
Mar 2, 2010 Stock to watch, Trading Idea
On February 23rd, we recommended buying Nordson (NDSN) shares, as the stock was up almost 9%, on a day that the major indices were all down between .91% and 1.14%.
The stock closed today (03/02/10) at $67.09, up from our $64.75 entry. However, the stock is up against short-term resistance and we recommend taking profits here. If the market opens strong tomorrow, or the going is good early on and or Nordson shares are moving up, hold on until later in the day. Otherwise exit early on.
Tags: nordson, stock recommendation
JDS Uniphase In Bullish Formation
Feb 17, 2010 Stocks, Trading Idea
Telecom equipment manufacturer, JDS Uniphase (JDSU) rallied 17% last week, opening the week at $7.90 and closing at $9.25. On Tuesday, the first trading day this week, the stock climbed another 3.7% from last Friday’s close, extending the recent bullish formation. With yesterday’s move, the stock set a new 52 week high at $9.62 and closed just two cents below that. With the overall stock market adding some upward momentum the last few trading sessions and looking to continue that, (JDSU) should tack on a few more percentage points making for some nice near-term profits.
