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Weekly Market Master Report

Apr. 10, 2011 5:55 PM ETWW, WDC, STX, SU
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.
It is rather amazing that the major stocks indexes continue to hold up so well despite all of the major headwinds that are taking place geopolitically. High energy prices, failed nuclear reactors in Japan, the European debt crisis, and civil unrest in the Middle East and Northern Africa, still have not held this stock market down.  As long as the major stock indexes continue to inflate there does not seem to be any political figures showing concern for the declining U.S. Dollar . Therefore, as traders we must simply focus on the price action of individual stocks and what the chart patterns are telling us. In this week's report we shall cover three individual stocks that are very popular with the trading community. Each stock is in a different sector and is signaling different trends at the moment. Therefore, when stock picking, it is extremely important to understand what is taking place in each individual stock despite the action in the underlying stock indexes.

Suncor Energy Inc. (NYSE:SU) is a leading integrated oil and gas company out of Canada. The company is well known for oil production from its Athabasca oil sands. The stock has rallied higher over the past four weeks as the price of oil has surged above $1110.00 a barrel. The next important resistance level for Suncor Energy stock will be around the $48.50 level which is the high from March 7, 2011. Should the stock trade through this area the next important resistance areas for the stock would be around the $50.00 and $53.00 levels. If Suncor Energy stock declines from here the stock will have good daily chart support around the $42.00 level.

Sandisk Corporation (NASDAQ:SNDK) is a leading semiconductor stock that dominates the flash memory and storage space. On Friday April 8, 2011 the stock came under some selling pressure making an outside day on the charts and closing below its daily 50 moving average. This puts the stock in a weak technical position in the short term. Should the stock rebound back up there will be a fair amount of resistance around the $51.00 and $54.00 levels. Should the stock begin to decline sharply from its current price of $46.77 a share the $40.00 area would be good weekly chart support. Sandisk Corp. has been rumored as a takeover candidate. In September 2008, Sandisk Corp. did reject a hostile takeover bid by Samsung. At that time it was expected that Toshiba Corp. (OTCPK:TOSYY) and Seagate Technology PLC (NASDAQ:STX) would be the other bidders for Sandisk.  Keep a close watch on this action and make note of these key levels as they will tell the tail of the stock.

Weight Watchers International, Inc. (NYSE:WTW) is one of the leading weight management services companies in the world. The stock broke out on February 17, 2011 on massive volume. This was a definite indication of strength. The stock broke out again after a two month sideways base and remains in an uptrend on the charts. The stock is starting to get a bit stretched on the weekly chart. The important near term resistance levels for the stock will be around the $76.00 and $81.00 levels. The average trading volume on this stock is around 500,000 shares a day. Light volume will often indicate that support and resistance levels can overshoot by a little.

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Nicholas Santiago

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