Trade Setups for Tuesday 26th June 2012

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Another trading day another 52 week high for Pharmacyclics, Inc. PCYC. The stock closed up over 7% today and 20% in the past seven sessions on monster volume. That means there is some serious support and interest in this stock. PCYC is trading back over all 3 major moving averages. I like the stock as long as it can continue to close at or over the 10-day moving average, however I'd like to point out that the technical indicators are extremely overbought, with RSI at 91.32 and stochastic at 95.33, so be careful in short term. My first alert was at $30 if you remember correctly. Check : 6 Trade Setups To Watch next week 

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Zynga Inc ZNGA Still watching it, especially after todays action. As I mentioned in yesterday's post, the stock is forming a possible Inverted Head and Shoulders Pattern, let's see if the stock price will confirm it. The pattern is not in play until the neckline is broken.

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InterDigital, Inc. IDCC - Technical chart above is showing a possible bull flag in its first step off of a bottom at 22.37. It looks very good in shape, so I'll be looking forward to seeing a breakout.

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Amazon.com, Inc. AMZN continued the recent downtrend on Monday. I remain on the sideline until the stock closes back over $225.

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Las Vegas Sands Corp. LVS continues to trade below all 3 moving averages which is technically bearish. The stock is still vulnerable to more downside action. Only a close above 45.22 would relieve downward pressure. When the stock closes back over this level, I'll buy the stock for a trade.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

AC