Friday’s Top Stocks From TradersWire
Goldman Sachs (GS) reported better
than expected fourth quarter earnings, but revenues were below the
consensus. Obviously, market participants focused on the revenues, and the stock
gapped down below a rising trendline at the open. Volume was extremely heavy,
but GS managed to close above a support line.Â
Nasdaq-100 Index is still trading below the December 3 high, but its
uptrend is still intact. Diamonds Trust (DIA), amazingly, recorded seven
consecutive winning sessions. It is simply refusing to go down.
Now, four stocks for Friday:
Oracle Corp (ORCL): The stock formed a narrow range bar just above its
8-day EMA. We are looking for a resumption of the uptrend. Long ORCL if it takes
out 14.17. Place a stop just below Wednesday’s low (13.92). Target is the
December 13 high (14.87).
Express Scripts (ESRX): The issue managed to finish above the 38.2%
Fibonacci level. It may still need to test a rising trendline, but long ESRX if
it moves above 77.46. Target is near 79.50. Risk one point.
Analog Devices (ADI): The stock is forming a bear flag below the 50-day
EMA. Short ADI if it trades below 37. Target is the December 9 low (35.29). Risk
one point.
NVIDIA Corp (NVDA): The issue failed to take out the December 7 high and
closed poorly. Short NVDA if it slips below today’s low (23.61). Target is near
21.70. Risk one point. Notice, the RSI is negatively diverging.
Some of you think my stop is too wide. It is because I am making my decisions
based on the daily charts. If I am using the 5-minute chart, my stop will be
much tighter.
P.S. If you have questions, feel free to mail them to me.
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