Thursday’s Top Stocks From TradersWire
The Semiconductor Sector
Index ($SOX.X) could not follow through to the upside. It, again,
failed to close above 450. Many analysts have been busy upgrading semiconductor
stocks, but the Index is still below a resistance line. I wonder how many more
upgrades we need before we see a breakout.
The declining 50-day SMA (simple moving average) was too tough to overcome for
the Nasdaq Composite Index. It formed a bearish tail. Although it tried,
the Dow Jones Industrial Average could not break above its ceiling.
Volume was slightly less than its daily average.
Now, three stocks for Thursday:
Martek Biosciences (MATK): The stock failed to take out 70 and closed
poorly. Notice the RSI is showing a negative divergence. Short MATK if it trades
below 68.35. The initial target is 66.50. Risk 50 cents.
Patterson UTI Energy (PTEN): The issue tested the 10-day SMA successfully
and shaped a doji bar (the close and the open are the same). Long PTEN if it
takes out 24.60. Target is the February 28 high (25.83). Risk 0.35-0.5.
ImClone Systems (IMCL): The stock closed right at its rising trend line.
Long IMCL if it moves above 43.95. target is 45. Risk 50 cents.
T.Kamada
Feel free to mail me your
questions.