(By Rich Bieglmeier) The stock market, particularly the NASDAQ, regrouped to start the week off on the plus side of the tape. We'll take it.
In the event stocks have pivoted, for now at least, iStock examined the charts of our readers' favorite stocks. The mission started as a search for companies that may have bottomed, and quickly evolved into finding equities with at least 10% immediate upside.
One hundred percent of our analysis is technical in nature and our interpretation of each company's price action.
JDS Uniphase Corporation (JDSU) may have put in a low in around $9.84 as the stock reversed on the price for two consecutive days of trading. If the market continues to recover, then the communication equipment maker's stock could attempt to challenge resistance at $11.50. With today's closing price of $10.22, JDSU has the potential to gain 12.5% in short order.
(click to enlarge)SanDisk Corp. (SNDK) could be on its way to $36. A brief pit stop at $35 could disrupt things along the way, but resistance there should be futile. The NASDAQ 100 member and memory storage solutions provider may have u-turned Friday at $31.34.
A move to $36 equals a 10.6% target gain from Monday's close of $32.56.
(click to enlarge)MEMC Electronic Materials Inc. (WFR) is one of the solar stocks that have gotten eclipsed, minus the ring of fire. Instead, the price has been turned to ash, closing today at $1.75 after starting May at $3.71.
In the last three days of trading, the stock hit an intraday low of $1.61, $1.62, and $1.63 from today backwards. For now, $1.60 appears to be as low as she'll go. If some of the 22 million shares short start to cover, WFR could easily regain last Thursday's open price of $2.11, a 20.5% gain from today's final bell price.
(click to enlarge)With our trio of 10% ideas, iStock would suggest putting in a stop loss order slightly below their recent support bottoms. Should a stock manage to close at new lows, then their downtrends are likely to resume. You might even think about shorting. Otherwise, tighten stops as any or all approach target levels to let them run in case they want to go higher, but still lock in profits should they fall.