Friday’s Top Stocks From TradersWire
It seems always this way.
The market decides to stage a powerful rally when investors are extremely
pessimistic. The Dow Jones Industrial Average gained more than 200 points and
closed right at the 38.2% retracement level.
(Charts courtesy of QCharts)
The Nasdaq Composite Index decisively broke above a gap zone, but it could not
take out the 50% retracement level.
Gillette (G) bounced off its support level nicely, but it did not trade
above our buy price. We are still looking to long the stock if it takes out 52
instead of 51.95.
Now, four stocks for Friday:
Wyeth (WYE): The issue tested its rising trendline successfully and
finished near the day’s high. Long WYE if it takes out 44. Target is 45. Risk
0.35-0.5.
Hartford Financial Services Group (HIG): The stock bounced off its
200-day MA and formed a bullish tail. Long HIG if it trades above 66.42. The
initial target is 68. Risk 0.5-0.75.
Ivax Corp (IVX): The issue shaped a doji bar (open=close) just above the
200-day MA and looks ready for a minor rally. Long IVX if it moves above 17.75.
We are looking for 18.80. Risk 0.35-0.5.
Agrium Inc (AGU): The stock is pulling back from the April 15 low. Short
AGU if it slips below 17.25. Target is near 16. Risk 0.35-0.5.
If you have questions, feel free to
mail them to me.
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