August 14, 2012 at 16:46 PM EDT
Stock Picks for Wednesday August 15

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PulteGroup (NYSE:PHM) is testing the resistance level. The uptrend is intact and a breakout higher is expected. Look for a break above the 12.92 level to enter longs.
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American International Group, Inc. (NYSE:AIG) should pause around its resistance at $35 after recent rally in share price. The recent action in the stock is very promising. A possible breakout over $35 is very likely in the sessions ahead. However, the stock needs a rest here and I'd like to see a healthy pullback to work off overbought conditions.
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Arena Pharmaceuticals, Inc. (NASDAQ:ARNA has made its way back to the last breakout level and bounces. ARNA has now broken its 13-day MA and a move higher has started. Look for this stock to test its 50-day MA in the short term where a breakout higher is expected. A stop-loss should be placed at $6.95 to protect against a reversal.
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National-Oilwell Varco, Inc. (NYSE:NOV) is near resistance level. Look for the break above the 77.5 level to enter longs for a move higher to 80
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Elan Corporation, plc (NYSE:ELN) is in a support level (13-day MA). Look for a bounce off these levels entering longs above the 12.12 level. Price target on bounce is back to 13. Additionally and from a technical standpoint, the chart also shows a bullish MACD crossover which indicate we have some more room to the upside.
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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

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