The past week has seen a fine recovery. The aforementioned stocks having performed well in general.
Apple (AAPL) has reached an important battleground at its 50-day MA. Since the advance from March 2009 lows there haven't been too many break-and-tests of this key moving average. In the past it hasn't taken long for Apple to re-establish itself above this moving average. Whatever happens, $325 must be defended on any rebuttal. Last week's head-and-shoulder reversal is still in play - if this is true then don't look for much past $350.
Vale S.A. (VALE) continues to work off its 200-day MA. Closed weaker yesterday, but is caught in the no-mans land between 50-day and 200-day MAs.
Barick Gold (ABX) didn't test-and-break the 200-day MA as I suspected it would. The past week has seen a rally back to $53 as this stock morphs into a triangle trading pattern. Projected upside target of $62 when triangle resistance breaks; trail stop on downside break of consolidation.
Free McMoran (FCX) didn't stall at its 50-day MA, clean breaking on heavier volume and easing back yesterday on lighter volume. Next test at $57.25.
Baidu (BIDU) blew through the supply gap and potential bear flag on higher volume accumulation. New support at $130. The push effectively confirms the $110/5 breakout gap as true. Higher prices ahead. A stop can be trailed on a break of the supporting trendline from December's low.
Research in Motion (RIMM) has recovered to its 50-day MA, finishing bang on the moving average yesterday. The test of the 200-day MA never came and even managed a higher low. But the stock has lost the momentum from September's low and is range bound by what looks to be a $60-70 range.
Cognizant Technology Solutions (CTSH) has powered to a new high. Support should become established at $78. Project the trendline forward for buying opportunities (trail stop).
Finally, Intuitive Surgical (ISRG) was able to use its 50-day MA to protect against any further incursion into its substantial breakout gap. Looking good going forward.
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