ShareThisOctober 2nd 2009
Intel Corp. (NASDAQ:INTC $19.18)
News event: Upgraded to Outperform by Oppenheimer
Technical comment: Intel’s intermediate technical profile recently has turned negative. Intermediate trend changed from up to down yesterday when the stock broke below support at $19.22. The stock also broke below its 50 day moving average earlier this week. Strength relative to the S&P 500 Index has been neutral during the past three months. MACD, RSI and Stochastics recently have rolled over from short term overbought levels and continue to trend lower. Downside risk during an intermediate correction is to its 200 day moving average currently at $15.97.
Chart courtesy of StockCharts.com www.stockcharts.com
Apple, Inc. (NASDAQ:AAPL $185.05)
News event: Target increased to $265 by UBS
Technical comment: Apple currently has a positive intermediate technical pattern. Intermediate trend is up. The stock remains above its 50 and 200 day moving averages. Strength relative to the S&P 500 Index remains positive. However, short term technical factors are suggesting caution. The stock has formed a tight three week trading range between $180.70 and 188.90. MACD, RSI and Stochastics have recorded short term sell signals during the past few days. In addition, MACD has established an intermediate downtrend. A break below support at $180.70 implies a test of its 50 day moving average currently at $171.13.
Chart courtesy of StockCharts.com www.stockcharts.com
Comcast Corp. (NASDAQ:CMCSA $15.55)
News event: Upgraded to Outperform by Wells Fargo
Technical comment: The market clearly does not like Comcast’s negotiations with General Electric to purchase part of NBC Universal. The stock fell sharply yesterday on higher than average volume and broke below its 50 day moving average. Downside pressures existed prior to the news. Resistance had formed at $17.68 and short term momentum indicators MACD, RSI and Stochastics) already had rolled over from overbought levlels. Downside risk is to its 200 day moving average currently at $14.63.
Chart courtesy of StockCharts.com www.stockcharts.com
Costco Wholesale Corp. (NASDAQ:COST $55.26)
News event: Upgraded to Outperform by RW Baird
Technical comment: Costco currently has a positive intermediate technical profile. Intermediate trend is up. The stock trades well above its 50 and 200 day moving averages. However, short term technical indicators have turned negative. Resistance is at $58.86. The stock broke short term support at $56 yesterday and completed a modified head and shoulders pattern. Short term momentum indicators (MACD, RSI and Stochastics) have rolled over from overbought levels. Downside risk is to its 200 day moving average currently at $47.73.
Chart courtesy of StockCharts.com www.stockcharts.com
Rio Tinto PLC (NYSE:RTP $162.15)
News event: Downgraded to Hold by Canaccord Adam
Technical comment: Rio Tinto currently has a mixed intermediate technical profile. Intermediate trend is neutral. Intermediate support is at $120.00 and Intermediate resistance is at $216.46. The stock trades above its 200 day moving average. However, the downgrade this morning triggered a decline below its 50 day moving average. Strength relative to the S&P 500 Index has been neutral during the past three months. Short term momentum indicators (MACD, RSI and Stochastics) are trending lower from overbought levels. Downside risk is to short term support at $145.41.
Chart courtesy of StockCharts.com www.stockcharts.com
Don Vialoux
Director of the Canadian Society of Technical Analysts
Comments offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. An attempt to provide accurate data has been made, but accuracy is not guaranteed. Comments are from Don Vialoux and not from the Canadian Society of Technical Analysts.
| Sponsored By... |
|
|
Tags - Previous posts for stock ticker: AAPL, CMCSA, COST, INTC, RTP
|
Discussions from the Tech Talk Forum:
An error has occurred, which probably means the feed is down. Try again later.
|
October 2nd, 2009 at 9:16 am
Don, I’m curious why, in your comments, you choose the 200 day MA as the support for Intel, rather than the low point of $15.67 reached in July? Not a huge difference but I have wondered about that in other analyses you have provided.
October 2nd, 2009 at 9:26 am
Hey Don
I love this technical comment on equities. Makes you both wonder why so many so-called “experts” don’t consider technicals and whose advice you can trust
Great feature!
October 2nd, 2009 at 9:33 am
Hi Fred.Personal preference. No specific rule. Either level could have been chosen. Targets are useful when determining risk, reward parameters before entering a trade. They change over time.
October 2nd, 2009 at 10:45 am
Don:
is RIM.TO still looking for the next support? it is time to load it? or wait a little longer?
thanks
Kelly
October 2nd, 2009 at 11:42 am
Hi Kelly K. Next confirmed long term support level for RIM is $45.56 Cdn. Yesterday, the stock broke below its 200 day moving average, not a good sign. Short term support has yet to surface. Seasonality influencs for the sector is from October to the first week in January. RIM currently is underperforming its sector. Timing for entry into RIM at best is uncertain.
October 2nd, 2009 at 12:28 pm
Hello Don
Where is the next support level for POT.TO? Thanks
October 3rd, 2009 at 9:36 am
Next support on POT is at $83.10 Cdn. ($80.75 U.S.)
October 3rd, 2009 at 10:21 am
Hi Don,
I haven’t had as much time as I would like to leave comments here lately (just started the BCom program at the UBC Sauder School of Business). Just wanted to thank you for your great presentation in Richmond this past Summer. Hope you had a great trip out west!
On September 24th, Canwest Global was one of the “Equities in Today’s News”. The target was $0.31, its 200MA at the time. It appears that stochastics have signaled the tops lately. Stochastics are not yet overbought. Just wondering if you would consider this a time to take profits or wait to see if it breaks its 200MA (next target in the $0.41 range?)
Thanks,
Jon