Wednesday’s Top Stocks From TradingMarkets
Once again, the culprit
was crude oil. Stocks do not like the rising cost of oil. $OIX.X
(Oil Index) closed at a 52-week high, but it formed a mildly bearish tail.
Of course, it can go even higher. The index may challenge the 127.2% Fibonacci
level.
Shortly before the close, crude oil sold off. It was what some buyers were
waiting for. Diamonds Trust (DIA) finished near the day’s high, and it
also shaped a bullish bar just above a support line. Nasdaq-100 Index
Tracking Stock (QQQ) lost 0.15% of its value, but it managed to close
slightly below the intraday high.Â
Let’s look at three stocks for Wednesday:
Bank of America (BAC): The issue has tested a support level successfully,
and it looks ready to resume its uptrend. Long BAC if it takes out 46.43. Our
initial target is the November 12 high (47.47). Place a stop just below
yesterday’s low (45.60), or risk 0.5.
Sina Corp (SINA): The stock is attempting to rally out of a flag. Long
SINA if it trades above 37.68. The initial target is 40. Place a stop just below
its 8-day EMA (36.90).
L-3 Communications (LLL): Like SINA above, LLL looks ready to break out
of a flag. Long LLL if it takes out 70.70. The initial target is 72. Risk
0.5-0.75.
Good night!
Feel free to mail me your questions.