brief TA on NAZ, QCOM, GSTRF, CREE
NAZ saw a MACD bullish crossover happen on friday... this happens when shorterm and nearterm moving averages cross over and start to show proper alignment following a decline (and a bearish crossover)... a nice bottom shorterm uptrend is now in progress of being established... we are now touching the 18dayMA and might pull back some, with daily stochastics showing some extension now that might not be sustainable for the next several hours or couple days... MORE IMPORTANT THOUGH IS THE DOWNTREND BREAKOUT... connect lines from the midMarch retest at 5000 and the earlyApril reflex at 4475 and we jumped thru that barrier on friday... money flow is brisk... relative strength of NAZ has radically improved in the last couple weeks, with a clear uptrend showing, but from oversold levels... however, nearterm resistance awaits with the 30dayMA just above 4000 now... the timing coincides closely with the May16th Fed Meeting
QCOM has successfully (for now) retested the sub-100 low levels... money flow is not improving much, but is some... a nice bullish divergence is registered in midweek on the daily stochastic indicator... this means Q did not close near the lows on retests, e.g. Thursday reversal... no MACD crossover to report yet... MORE IMPORTANT THOUGH IS THE DOWNTREND BREAKOUT... connect lines from the earlyApril retest at 152 and the midApril reflex at 123 and we jumped thru that barrier on friday... relative strength of QCOM has somewhat improved in the last couple weeks, with a minor uptrend showing, but from oversold levels... however, nearterm resistance awaits with the 30dayMA just above 120 now... could be clear sailing to 120 and a little higher... suspect solid covered call opportunity for May at 120-123 if it is offered... gonna take time to reverse the lousy sentiment, and form a solid bottom for building a sustainable advance
GSTRF... ditto story... downtrend broken, nice little shorterm bottom uptrend, improving relative strength, bullish stochastic divergence... but money flow sucks sucks sucks... this stock will need time to flip its driver seat around after a 3-month decline... not enough of a pulse to show any MACD crossover... just bumped up against its 30dayMA on friday at 13-14... some good buying opportunities here as the bottom is finishing the carve-out scrape-ass period... clear sailing to 15, with hurdles at 13... a year from now this could be 50... I am interested
CREE... ditto story but better... two downtrends broken, second one just friday... pronounced MACD crossover early last week (not late)... sharp improving uptrend in relative strength... improving money flow... just broke above all three moving averages (18,30,50)... clear sailing from here at 145 to 170, with hurdles at 160... any pullback here is a clear opportunity to accumulate... it could easily revisit that cluster of MA's and move up from that 128-133 level
over and out, for what it is worth
/ Jim Willie |
