Stock Picks: Applied Materials, Level 3 Communications, Medivation

Applied Materials  broke out of a range on Wednesday and could continue on Thursday. The stock hit a high of $12.69, which is resistance for Thursday's follow through move. If the stock breaks resistance, expect to see heavy volume move the stock higher. Keep a close eye on AMAT as it can be a fast moving stock.

 

Level 3 Communications - Some signs of a reversal on price action mentioned on an earlier post did work out as I expected and players are pushing prices even higher in order to blow away short sellers stops. In addition, another bullish signal can be seen in the RSI which is constructing higher lows and higher highs. Relevant resistance areas located 1,70 and 1.73 zone.

 

Medivation moved up slightly after a huge sell-off last week. There are some signs that the stock is gaining some momentum in recent days. The stock is well oversold and a bull move is probable for the coming sessions. The technical chart shows some divergences on MACD and RSI. Keep an eye on MDVN and be prepared for this upcoming move.

Other Stocks to Watch:

The daily chart created a bullish engulfing candlestick formation on Wednesday

YHOO - Yahoo! Inc
GME - GAMESTOP CP
LINTA - LIBERTY MED INT A
PCAR - PACCAR Inc
RAX - Rackspace Hosting Inc
PDLI - PDL BioPharma
SVU - SUPERVALU INC
MHS - MEDCO HEALTH SOLUTI
SBIB - Sterling Bancshares
G - Genpact Ltd
AFFX - Affymetrix, Inc.
SMCI - Super Micro Computer
HSNI - HSN Inc
VLY - VALLEY NATIONAL BAN
CKR - CKE RESTAURANTS INC
BWP - BOARDWALK PIPELINE
FCZ - FORD MTR CR CO
CYD - CHINA YUCHAI INTL LTD
HITK - Hi-Tech Pharmacal C

The daily chart created a bearish engulfing candlestick formation on Wednesday

VIP - Vimpel Communications
AAPL - Apple Inc
HPQ - HEWLETT-PACKARD CO
ITUB - Itau Unibnco Adr
FCX - FREEPORT MCMORAN C
UAUA - UAL CORP
AES - A E S CORP
RIG - Transocean Ltd
SNDK - SanDisk Corporation
M - FEDERATED DEPARTMEN
DTV - Directv A
NBR - Nabors Industries Inc
PTEN - Patterson-UTI Energ
IBM - INTERNATIONAL BUSIN
COF - CAPITAL ONE FNCL CORP
STLD - Steel Dynamics, Inc.
HTZ - Hertz Global Holdings
STJ - ST JUDE MEDICAL INC
MOS - Mosaic Co
YGE - Yingli Green Energy
CMI - CUMMINS ENGINE CO INC
CDE - COEUR D ALENE MINES
SID - Companhia Siderurgia
MTL - MECHEL OAO

New 52-week High stocks

SLE - SARA LEE CORP
LNC - LINCOLN NATIONAL CORP
CCE - COCA COLA ENTERPRIS
BBT - BB&T CORPORATION
CBS - CBS Cl B
GGP - General Growth Prop
DIS - DISNEY CO WALT HLDG CO
STI - SUNTRUST BANKS INC
CROX - CROCS INC 8.22
KBE - SPDR KBW BNK
YUM - TRICON GLOBAL REST INC
PEP - PEPSICO INC
DD - DUPONT E I DE NEMOU
LTD - LIMITED INC
SII - SMITH INTL INC
D - DOMINION RESOURCES
ALTR - Altera Corporation
MET - METLIFE INC
PNC - PNC Financial Services
CIT - CIT GROUP INC

Disclaimer: Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.