Friday’s Top Stocks From TradersWire
Both Broadcom (BRCM) and
Nokia (NOK) closed strongly. BRCM finished slightly below our initial
target, and NOK broke out of a flag. We took partial profits and raised stops
higher.
The Dow Jones Industrial Average is still struggling to move above the
resistance level, and it has formed an inside bar. The Nasdaq Composite index
gained nearly 10 points and ended the day just below a horizontal resistance
line.
Now four stocks for Friday:
Autodesk Inc (ADSK): The issue is testing a rising trendline and has
formed a narrow range bar. Buy ADSK if it takes out 38.20. The initial target is
the May 31 high (39.58). Risk 50 cents.
Gtech Holdings (GTK): The stock is attempting to break out of a flag.
Long GTK if it trades above 28.36. The initial target is the May 24 high
(29.09). Risk 0.35.
McDermott International (MDR): The issue is holding above the upper
boundary of a gap, and it looks ready to rally out of a pullback. Buy MDR if it
moves above 21.15. Our target is 23. Risk 45 cents.
Newmont Mining (NEM): The stock failed to take out a resistance line and
finished poorly. Short NEM if it slips below 37.59. The initial target is 36.
Risk 50 cents.
Feel free to mail me your
questions.
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