Thursday’s Top Stocks From TradersWire
Diamonds Trust (DIA)
formed a hammer and closed near the day’s high on heavy volume. But,
the daily chart cannot really show the action, so let me use the 30-minute
chart. As you can see below, DIA staged a remarkable afternoon rally. Notice, it
formed an inverted head-and-shoulders pattern.
The Nasdaq-100 Index also shaped a bullish
hammer just below the 50-day MA (moving average). Next hurdle is the 38.2%
retracement level near 1578. The index finished at 1565.78, up 12.38.
Now, four stocks for Thursday:
eBay Inc (EBAY): The issue tested a support line successfully and
finished near the day’s high on strong volume. Long EBAY if it takes out 107.40.
The initial target is 110-112. Risk one point.Â
IBM (IBM): The stock bounced off the 38.2% retracement level and formed a
bullish hammer. Long IBM if it moves above 95.28. Target is 96.70-97.30. Risk
one point.
Ingersoll Rand (IR): The issue looks ready to resume its uptrend. It
formed a narrow range bar just above a support line. Long IR if it takes out
75.90. Target is 80. Risk one point.
Autodesk (ADSK): The stock shaped a mildly bullish bar and managed to
close above a gap zone. Long ADSK if it trades above 32.97. Target is near 35.
Risk one point.
Feel free to mail me your questions.
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