High PowerRating, Low Price: 5 Stocks for Traders
With stocks starting off Friday mildly higher, a number of top quality pullbacks that were setting up on Thursday remain attractive opportunities for traders here on Friday.
Today we are looking specifically at those stocks that not only have high Short Term PowerRatings of 8 or higher, but also stocks that have a relatively low dollar price of $10 or less. These are stocks that are often particularly attractive to short term traders, insofar as they can often be purchased in significant size, allowing even relatively minor moves to result in often sizable profits.
Let’s take a closer look at the five stocks in today’s report, which range in Short Term PowerRating from 8 to our highest rating of 10.
Fieldpoint Petroleum
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PowerRating) Short Term PowerRating 10. RSI(2): 9.59
Fieldpoint Petroleum has made the move from being a high-flying 1-rated stock to a top-rated name in less than six days. The stock has been flat throughout April and going into May when buyers virtually ambushed the stock and sent it soaring higher toward mid-month. Note in particular how FPP’s Short Term PowerRating plunged as the stock spiked higher. The stock’s sharp pullback began shortly thereafter.
Cano Petroleum
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PowerRating) Short Term PowerRating 9. RSI(2): 9.74
Like Fieldpoint Petroleum in some ways, shares of Cano Petroleum have also run the range from our lowest Short Term PowerRating to near our highest. The stock broke out above its 200-day moving average in the first half of May, and continued higher, with its Short Term PowerRating moving lower the higher the stock moved. Finally pulling back after three consecutive days with a Short Term PowerRating of 1, CFW’s PowerRating as of this writing stands at an impressive 9.
Vaalco Energy Inc.
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PowerRating) Short Term PowerRating 9. RSI(2): 7.34
Another 9-rated stock, Vaalco Energy Inc. has been above its 200-day moving average for the past few months. But its price behavior has been similar to that of both Fieldpoint and Cano Petroleum. Vaalco was a high-flyer, stretched above its 200-day moving average going into May before profit-taking began to set in. A 2-rated stock only a few days ago, Vaalco Energy has earned a worth-watching Short Term PowerRating of 9.
Xerium Technologies Inc.
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PowerRating) Short Term PowerRating 8. RSI(2): 16.73
Xerium Technologies has spent most of May as a low Short Term PowerRating stock, with PowerRatings of 1, 2 or 3. This was true both as the stock rallied to its 200-day moving average as well as in the days immediately following the stock’s breakout beyond that level. A 1-rated stock on May 23, XRM is an 8-rated stock as of Friday’s open.
Cell Genesys Inc.
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PowerRating) Short Term PowerRating 8. RSI(2): 2.34
Compared to the other four stocks in today’s report, CEGE has left its low Short Term PowerRating days behind it in April. Since spiking higher late in April, the stock has moved largely sideways, with a slightly downward bias. That downward bias has contributed to the stock becoming increasingly oversold, as revealed both by its low Short Term PowerRating as well as its low 2-period RSI of less than 3.
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David Penn is Senior Editor for TradingMarkets.com.