Heading into trading on Tuesday, some of the biggest edges in Nasdaq stocks are in a variety of sectors, from consumer durables to regional banks to technology.
Shares of Helen of Troy Ltd. (NASDAQ: HELE) pulled back by more than 1% on Friday to finish lower for five out of the past six trading days. The stock began the session already at “consider buying” levels with an 8 out of 10 rating. But the renewed selling on the final trading day of the week helped the stock earn a one-point upgrade to 9 out of 10, a rating that could climb even further if sellers return next week to take HELE to new, short-term lows.
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HELE has been trading in bull market territory only recently, climbing above its 200-day moving average initially in early December and moving back up above that level on a more consistent basis in the second half of that month.
Also earning high, “consider buying” ratings ahead of trading on Tuesday were shares of regional bank, Texas Capital Bancshares (NASDAQ: TCBI). TCBI has closed lower for four days in a row, but are still trading nearer to short-term highs than short-term lows, and the stock is not yet in technically oversold territory. Should traders be in a selling mood next week when earnings reports from major financial institutions likely will dominante the news, additional profit-taking in TCBI is a very real possibility.
That said, TCBI already has a “consider buying” rating of 9 out of 10, and will begin trading Tuesday morning with a short-term, positive edge of three-quarters of a percent.
A sharp sell-off is well underway in the market for shares of Marvell Technology Group (NASDAQ: MRVL). The stock has pulled back for four days in a row, and is in technically oversold territory less than a week after climbing up above its 200-day moving average. In fact, the current pullback in MRVL is likely directly tied to the exceptionally overbought conditions that developed in the stock as it rocked into bull market territory early last week, closing higher for seven days in a row – the last four at technically overbought levels.
Marvell Technology Group has “consider buying” ratings of 8 out of 10 as of Friday’s close. The stock has a positive edge of more than one and a half percent in the short-term.
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David Penn is Editor in Chief of TradingMarkets.com.