Gary Johnson L's  Instablog

Labels: ARNA, CAH, CLWR, INTC, RIMM

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Arena Pharmaceuticals (NASDAQ: ARNA) , the second best performing stock in Russell, is forming an asymmetric triangle on chart,which is, with high statistically probability, a continuation pattern. ARNA is now trading around its (upper) neckline. Both RSI and Slow STO is making higher lows, confirming the trend. I am bullish on ARNA and have a target of $12.50 after a break above.

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Research in Motion Ltd. (NASDAQ: RIMM) breaks its ascending triangle today. However, MACD histogram is showing a negative divergence and Slow STO & RSI is at over bought level. Be careful when you trade RIMM, alright?

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Cardinal Health, Inc. (NYSE: CAH) is trading close to the neckline. Watch for a break above; or a cup and handle pattern formation as RSI is at overbought level.

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Clearwire Corp. (NASDAQ: CLWR) After I mentioned last Monday on the breakout of ascending triangle, giving a bullish signal on CLWR, it has made another huge move today with great volume. CLWR jumped 11.67% closing $2.68. Slow STO is making higher lows. MACD is positive. Healthy chart right there. My target stays the same - $3.00 until breaking above $3.00 psychological mark.

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Intel Corp. (NASDAQ: INTC) has recovered much since $19.23 low and is now trading right below its downtrend. Watch for a break above which could send this stock to $21.50 quickly. However, Slow STO is at overbought level. Therefore, I am remain bearish on this stock until a significant break above.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in ARNA over the next 72 hours.