Monday’s Top Stocks From TradingMarkets
Traders did not wait for 50. Crude oil
tested the 38.2% Fibonacci level a couple of times during the day and finished strongly.
It appears oil is attempting to rally out of a pullback from the October 27
high.Â
Diamonds Trust (DIA) formed a narrow range bar and closed just below the
top of a pitchfork. Even DIA breaks out successfully, it still faces the 50- and
200-day moving averages to overcome. Nasdaq-100 Index Tracking Stock (QQQ)
managed to stay above a support line, but it shaped a mildly bearish tail.Â
Let’s look at three stocks for Monday:
Diamonds Trust (DIA): As I have mentioned above, the issue appears to be
losing steam. Notice, volume has been steadily decreasing. Short DIA if it slips
below 100. Target is 98. Set a stop just above today’s high (100.64)
Honeywell International (HON): This one is from last night report. The
issue formed a bearish tail again. Short HON below 33.50, and a protective stop
is 34.17. Our target is 32, but 33 may become a support.
Adobe Systems (ADBE): I also talked about this one in last night report.
We are looking for a breakout to a new high. Long ADBE above 56.10. Target is
57.30-58.00. Risk one point.
Have a nice weekend.
If you have questions, feel free to mail them to me.