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September 01, 2020 10:18am
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Stocks to watch next week - CIEN, AMZN, TSO

Chart courtesy of www.stockcharts.com ( click to enlarge ) TSO - The technical chart looks really positive after the stock crossed the 12 level, but honestly the volume was not good enough to be convincing. The near-term outlook stays cautious till the stock closes conclusively above $12. So far the technical chart is still showing buy signal with stock trading above 50 day moving averages with MACD on top of signal line and K line on top of D line. Short-term traders can hold their longs with a stop at $11. Chart courtesy of www.stockcharts.com ( click to enlarge ) AMZN - The stock reversed direction near 55 level last week. This level is proving to be a strong resistance zone. A strong trend would not be in place unless the stock closes above this level, while a close below nearby congestion support in the 50 area would predict a test of short-term uptrend support near 45. The uptrend continuation scenario is slightly more likely at the moment. Shareholders may remain invested with a stop-loss at 50. Chart courtesy of www.stockcharts.com ( click to enlarge ) CIEN - The short-term outlook remains bearish and a drop to the 5.75-6 range appears likely. Short positions may be considered with a price target of 5.75-6 and a stop-loss at 6.64 ( 20 dma ). The weak outlook would be negated only on a close above 6.64 on heavy volume. The long-term trend is bearish. 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. That's all Folks. See you Monday !! AC
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