Holding Strong, Intraday
I’ll be available to answer
questions tonight in the Technology Stocks Board in the Tradingmarkets.com
community.
Intraday Update
The Nasdaq has held quite strong all day after rallying out of a
short-term downtrend.Â
Today’s Watchlist:
(
FDRY |
Quote |
Chart |
News |
PowerRating),
(
ADBE |
Quote |
Chart |
News |
PowerRating),
(
PLXT |
Quote |
Chart |
News |
PowerRating),
(
RMTR |
Quote |
Chart |
News |
PowerRating)
Foundry
Networks
(
FDRY |
Quote |
Chart |
News |
PowerRating) continues to move lower following Wednesday’s gap lower. On
Thursday it hit a near-term support level. Watch for a move below Thursday’s intraday low for a potential short. Should it break down, watch for potential
support near 90 and again near 80. The high volume again on Thursday suggests
that traders are watching it closely. Any move on Thursday could be considered
“volume-backed.” Foundry broke its 50-day MA as well today.
Adobe
(
ADBE |
Quote |
Chart |
News |
PowerRating) makes another appearance on the Watchlist as
it tempts us by trading near its highs. On Thursday we see the potential for a
break in its near-term downtrend. Adobe could potentially return to its highs.
Daytraders should watch for a break in the near-term downtrend. This break will
coincide with an intraday breakout from the five-minute charts. Swing traders
may consider waiting for a new high before opening any positions.
PLX Technology
(
PLXT |
Quote |
Chart |
News |
PowerRating), potentially on the short side, broke
below its 50-day MA on another high-volume day. Should it close below the 50-day MA
and the support level from late June, set your alerts below Thursday’s intraday
low for a potential continuation move on Friday. There may be a dead-cat bounce
in reaction to the rapid move that we saw on Thursday. Keep this one on your
list for several days.
Ramtron
(
RMTR |
Quote |
Chart |
News |
PowerRating) broke out intraday on Thursday. Watch for a
continuation move on Friday to take out the intraday high on Thursday. As with
any breakout, watch for minor resistance at any whole number.
Â
Ciao,