Thursday’s Top Stocks From TradersWire
The June crude oil
contract recorded three consecutive losing sessions. It failed to
break above the upper boundary of a declining channel and finished near the
61.8% retracement level. Is it good time to buy airline stocks? Although it lost
almost 1 percent of its value, the Airline Index formed a mildly bullish tail
just above its support level.Â
(Charts Courtesy of QCharts)
Be sure to take a partial profit when a stock covers your initial risk. For
instance, we sold Electronic Arts short at 52.58 this morning with the
initial risk of 50 cents. The stock sold off nicely. We covered half of our
position at 52.05 and moved stop to breakeven.
Now, three stocks for Thursday:
St. Jude Medical (STJ): The stock bounced off the 38.2% retracement level and
shaped a bullish bar. Long STJ if it takes out 39.18. Target is the April 20
high (40.60). Risk 50 cents.
Yahoo Inc (YHOO): The issue closed just above its support level after
pulling back from the April 21 high. Long YHOO if it trades above 35.15. Target
is 36. Risk 40 cents.
Tyco (TYC): The stock appears to be forming a bottom. Notice the
14-period RSI is positively diverging. Long TYC if it moves above 31.50. The
initial target is 32.25. Risk 35 cents.
If you have questions, feel free to
mail them to me. Â