Wednesday’s Top Stocks From TradersWire
Advanced Micro Devices
(AMD) stated downside guidance on its fourth quarter revenues, and
this news hit the semiconductor sector hard. SMH (Semiconductor HOLDRs)
broke down below a 4-day trading range and closed near the day’s low. Volume was
heavy. How much more can it go down? The 100% projection level is near 30.51.
Diamonds Trust (DIA) lost 0.64% of its value, nevertheless it managed to
close at the 50-day MA. Definitely, the stochastic is in the oversold zone, but
do not forget to pay attention to the 38.2% retracement level. Although the
Nasdaq-100 Index closed down, the stochastic did not decline. We may see a
minor recovery rally soon.
Now, four stocks for Wednesday:
Prudential Financial (PRU) formed a bullish tail after pulling back from
the December 29 high. Long PRU if it takes out 53.28. The initial target is near
54.25. Risk 0.5.
Unumprovident (UNM) is in a pullback and testing the 38.2% retracement
level. Long UNM if it moves above 17.29. Our target is 18. Risk 0.25-0.40.
Nike (NKE) has tested its 50-day MA and looks ready to resume the uptrend.
Long NKE if it trades above 88.67. The initial target is near 90. Risk 0.5-0.75.
International Game Technology (IGT) made a nice reversal and closed near
the day’s high. Long IGT if it takes out 33.20. The initial target is 34. Risk
0.4.
If you have questions, feel free to mail them to me.
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