Stock Chart Analysis WYNN
Wynn Resorts, Limited (Public, NASDAQ:WYNN)
WYNN is another NDX component that I found interesting. There are others like RIMM and AMZN that have shown to be very strong, but they are extended at this time and don't offer good risk / reward setups. It may be a little early on WYNN but I am highlighting them because it appears the markets may follow through on todays late day strength. With WYNN closing in on trend line resistance it's possible that WYNN may offer a nice quick trade. A warning though, one of the reasons I am looking at WYNN is a possible pre earnings run and the release is due Monday afternoon. So, there is only a small window for this play to work for my strategy.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
Stock Chart Analysis EBAY
eBay Inc. (Public, NASDAQ:EBAY)
The Nasdaq 100 have been stronger then the general markets for the past couple of months, and has been holding up better throughout this correction as well. I was looking through component stocks tonight and thought that EBAY was looking interesting again. I mentioned EBAY last time it was attempting to test this long term trend line and it has basically been trading sideways since then. It's interesting how EBAY has held up fairly well, and how the moving averages are starting to align themselves in an uptrend. EBAY would look very attractive to me if it can clear the $35 area.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
Stock Chart Analysis LAVA
Magma Design Automation, Inc. (Public, NASDAQ:LAVA)
Talk about bucking the trend. Most stocks are in a free fall right now, and LAVA is one of the very few that looks bullish, AND remains in a decent area for buying. There are a few stocks that moved higher off earnings or other news last week, but for the most part, it's a wait for the pullback story on them. LAVA however, looks to have cemented $14 area as a bottom. While I prefer to now buy a stock that has just moved up 5%, there is a good chance that market weakness drag LAVA back a little. I will be watching this one closely next week.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
Stock Chart Analysis MVIS
Microvision, Inc. (Public, NASDAQ:MVIS)
MVIS is a stock that has been showing good strength the entire year. Recently the company called some warrants and it had an adverse affect on the price of the stock. Then they released news of their first deal with Motorola to develop their Cell phone video projector and it seems like there was a large group waiting to sell that news. The stock seems to be firming up here and this could be a decent place to enter MVIS for a trade. If this level holds, then it could prove the $4.70-$5.00 area as strong support.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
