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Gary Johnson L
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  • 6 Stocks To Watch For Feburary 0 comments
    Feb 4, 2013 12:36 AM | about stocks: BAC, GLW, HBAN, INTC, NVDA, QLGC
    6 Stocks to Watch for Feburary

    Labels: BAC, GLW, HBAN, INTC, NVDA, QLGC

    In response to an E-mail from Harry who gave me a list of stocks to analyze, I am going to take at look at 6 stocks today.

    (click to enlarge)
    Bank of America Corp (NYSE: BAC) has been making new highs and pulled back to MA(50) several times since last August. Previous MACD cross-down seems to signal for a side-way pattern and MACD cross-above seems to signal for a new round of appreciation on BAC stock prices. As long as BAC is trading about MA(50), the outlook is bullish. It is a good idea to get long after Friday's surge as it has validated its support from around $11.00 and RSI at medium level. MACD histogram is recovering quickly and a Bullish Crossover would trigger another round of surge. Keep an eye on it.

    (click to enlarge)
    I do not suggest to go either long or short to a short with unclear technicals. And I am totally against buying AGAINST the trend. The chart looks quite bearish to me. Corning, Inc. (NYSE: GLW) dropped continuously after it filled the gap in late October 2012. Although a golden cross would be coming soon, the falling RSI and MACD gives me a really mixed picture.

    (click to enlarge)
    Huntington Bancshares Inc. (NASDAQ: HBAN) is coming close to finish a bottom pattern. A break above $7.2 would trigger a massive speculation and hot money flowing in. Before that, HBAN had a golden cross took place last month with a rising RSI, reaching overbought level and a Bearish MACD crossover. Although HBAN has been trading within the upper half of Bband most of the time, I would suggest an entry order when the price hits above $7.25 (0.05 for filtering purpose). Going long now seems to be risking a little bit too much even though my outlook on HBAN is very bullish and I see now sign of reversal of trend yet. Just .... it might take a while for it to break above.

    (click to enlarge)
    Intel Corp. (NASDAQ: INTC) has dropped significantly in mid-Jan. Yet, I have come to realize 4 bullish sign of INTC.
    1) RSI did not drop below 40, meaning a downtrend has not yet started
    2) On Balance volume is picking up quickly after the gap down. Comparing with the similar level of OBV we have seen before, the stock should be trading at $22.31, meaning we can target a 5% profit in the short term
    3) Rounding bottom on MA(50) and INTC did not drop below MA(50) even with a gap down.
    4) MACD is recovering quickly and it seems signal line would not cross below zero. We can also expect a bullish MACD crossover in 2 weeks, I suppose.

    (click to enlarge)
    QLogic Corp (NASDAQ: QLGC) has been trading within the upper half of Bband since last the New Year. According to the previous pattern, QLGC tends to pulled back for around 5-8 trading days before another round of surge. The stock breaks above MA(200) last week and has been closing lower since then. I expect another jump on price very soon. I suggest a stop around $10.78, which was last low and also MA(20). Another situation to sell is a bearish MACD crossover since MACD seems to be a very accurate way to predict reversal of trend for QLGC.

    (click to enlarge)
    My view on NVIDIA Corp (NASDAQ: NVDA) is pretty much the same as I last mentioned it on Jan 30th. NVDA broke below its short term uptrend in the first week of 2013, it has bounced back to $12.690 level and testify its break below. After the continuous depreciation of NVDA stock prices, I believe a new downtrend has begun.

    Stocks: BAC, GLW, HBAN, INTC, NVDA, QLGC
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