Stock pick for 12/05/2011
SEIC - long
Technical view: SEIC closed above 20sma resistance on the weekly time frame and I will look for buying opportunity above 17.05. If that will be vase, then for sure we want it for swing trade to stay above that weekly 20sma (support area at that moment). For ideal swing setup it will be best for SEIC to stay in consolation several more days for lower risk setup. If SEIC won’t see setup at Monday it will stay on my swing long list. Depends on after setup action, target will be daily or weekly 200sma resistance area.
AMZN - short
Technical view: After daily move down and bounce from high on the AMZN daily chart we can see relative weakness if we compared with market action last few days. Also AMZN at Friday reached to 200/20 simply moving average on the daily time frame and weekly 50sma resistance area. I will look for selling continuation and for now idea is under $195 what is under Friday low and under 20sma 60 min. Initial stop will be daily 200sma but I hope some intraday resistance will be good for better reward.
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