Gary Johnson L's  Instablog

Labels: AAPL, MRVL, NOK, WMT, XOM

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Marvell Technology Group, Ltd. (NASDAQ: MRVL) has fully filled its recent gap today. From the peak in volume at previous two troughs, it could be a double bottom pattern fully formed, signaling a trend reversal. Prices crossed the bottoming MA(50) as well. Watch for tomorrow's move. If trend continues, my short term target is $9.50, then $10.00.

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Nokia Corp. (NYSE: NOK) dropped 3.35% today, however, holds well above the neckline of the breakout yesterday. MA(50) is recovering and MA(200) seems bottoming + watch for golden cross. As long as NOK closes above $3.60, I am bullish on this stock.

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Wal-Mart Stores, Inc (NYSE: WMT) shows Elliot Wave pattern on chart. Despite of the recent uptrend with gap filled, OBV is not recovering much (negative divergence). The recent closes, including a inverted hammer and doji, shows the recent uptrend is revering, sending the stock into Wave C. Under E Wave theory, Wave C is the longest, with biggest drop and volumes. I think similar action is happening on AAPL as mentioned in yesterday's post.

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Exxon Mobil Corp. (NYSE: XOM) another mega-cap stock I wish to cover as it is also showing Elliot Wave pattern on chart. Situation is basically same with AAPL and WMT above, except it seems Wave C has not started yet. Also, MA(50) and MA(200) is not looking good at all. They are both downward trending. So, put this on your radar. I think a big drop is coming soon.

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Disclosure: I am short AAPL.