Friday’s Top Stocks From TradersWire

  • February 24, 2005
  • Tsutae Kamada

The Dow Jones Industrial
Average followed through to the upside and closed near the day’s
high. Volume was less than its daily average. Look, the Average is still inside
of Tuesday’s wide range bar.

The Nasdaq Composite Index tested the January 28 low successfully, and it
formed a bullish outside bar on slightly increased volume. The index was
obviously helped by the strong Semiconductor Sector today.

Now, four stocks for Friday:

Adobe Systems (ADBE): The stock tested its 50-day SMA (simple moving
average) and shaped a long tail. Buy ADBE if it takes out 61.55. The initial
target is 62.80. Risk 50 cents.

Tessera Technologies (TSRA): The issue is bouncing off the lower boundary
of a rising channel. Long TSRA if it moves above 40. The initial target is near
41.50. Risk 50-75 cents.

QLogic (QLGC): The stock formed a bullish hammer just above a support
line. Long QLGC if it trades above 40.50. We are looking for 42. Risk 0.5-0.75.

OSI Pharmaceuticals (OSIP): The issue may be ready for a recovery rally.
Needless to say, OSIP is in a downtrend, but the MACD histogram is showing a
positive divergence. Long OSIP if it takes out 56.50. Target is the February 17
high (59.00). Risk 0.75.  

 

T.Kamada

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questions.