Friday’s Top Stocks From TradingMarkets
It seems we cannot trade
stocks without monitoring crude oil these days. If your stock is
going down without apparent reasons, chances are that oil price is rising. Look
at the daily chart below. Crude oil decisively broke down below a rising
trendline and its 20-day MA on heavy volume. I wonder how many traders are
thinking about buying oil at 50.
It tried, but Diamonds Trust (DIA) failed to take out the 50% Fibonacci
level. It may be running out of steam. On the other hand, Nasdaq-100 Index
Tracking Stock (QQQ) broke out of a trading range.
Let’s see three stocks for Friday:
PNC Financial Services Group (PNC): The issue failed to move above its
20-day MA and formed a bearish tail. Short PNC below 52.15. We are looking for a
test of the October 25 low (50.70). Place a stop just above today’s high
(53.21), or risk one point.
Honeywell International (HON): The stock looks ready to resume the
downtrend. Short HON below 33.25. Target is near 32. Use today’s high (34.15)
for a stop, or risk 0.75.
Adobe Systems (ADBE): The issue formed an inside bar. It may be signaling
a reversal, but long ADBE if it takes out 56.10. Set a stop just below today’s
low (55.08), or risk 0.75-1.00. Our target is around 57.30.
Good night!
Feel free to mail me your questions.
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