5 PowerRatings Stocks for the Next 5 Days: WSBC, QLGC, ZNT, WNC, UCBI
Stocks moved higher on Thursday, due in large part to optimism over a possible Wall Street bailout deal coming out of Washington in the next few days.Â
The bigger cause however may have been the oversold conditions that prevailed in the markets as of the Wednesday close, conditions which would have provided all the fuel needed for a market desperate for some upside to get some.
The Thursday rally, then, was a profit-taking opportunity for traders who had been accumulating stocks as the markets moved lower earlier in the week. Those swing traders who did not pick up oversold shares at the beginning and middle of the week should be patient, and wait for the market to overcome its current overbought conditions — and then pull back — before looking to take the most aggressive trades.
There are still some opportunities in the current market — especially for swing traders willing to focus only on the high Short Term PowerRatings stocks with the lowest possible 2-period RSI values. These are the stocks that have not yet been moved by the buying pressure of Thursday, but are likely to respond powerfully — due to their extreme oversold conditions — as soon as buyers rediscover these names.
Wesbanco Inc.
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WSBC |
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PowerRating) Short Term PowerRating 9. RSI(2): 13.73
QLogic CorporationÂ
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QLGC |
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PowerRating) Short Term PowerRating 9. RSI(2): 5.02
Zenith National Insurance Company
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ZNT |
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PowerRating) Short Term PowerRating 8. RSI(2): 27.26
Wabash National Corporation
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WNC |
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PowerRating) Short Term PowerRating 8. RSI(2): 9.48
United Community Banks Inc.
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UCBI |
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PowerRating) Short Term PowerRating 8. RSI(2): 21.29
Of the five stocks in today’s report, two have Short Term PowerRatings of 9 and three have Short Term PowerRatings of 8. Stocks with Short Term PowerRatings of 8 have outperformed the average stock by a margin of more than 8 to 1 after five days. Stocks with Short Term PowerRatings of 9 have fared better, besting the average stock by a more than 13 to 1 margin over the same, short term, time frame.