Traders End May in Buying Mood; Google, AT&T Overbought: 7 Stocks You Need to Know for Wednesday
Buyers continued to bid stocks higher, once again affirming the historical upside bias to stocks near the end of the month. Especially noteworthy, however, may be the growing number of stocks that are becoming increasingly overbought below the 200-day moving average, including stocks like Google (more on Google below).
Here are 7 Stocks You Need to Know for Wednesday.
^ATVI^ rallied by more than 4% to reach its highest level since January.
Shares of ^NOK^ plunged by more than 14% ahead of trading on Wednesday. The stock has lost more than 24% since closing below its 200-day moving average in February.
Up four days in a row heading into its scheduled earnings announcement on Wednesday are shares of Dollar General ^DG^ (below).
The gains in Dollar General come as the stock rallies from a two-day pullback into oversold territory above the 200-day.
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Closing in oversold territory above the 200-day moving average for a second consecutive trading day on Tuesday were shares of ^KSS^.
KSS was last in oversold territory in mid-April.
^S^ has asked the FCC to block the planned takeover of T-Mobile by ^T^. Shares of T have edged into overbought territory above the 200-day after closing higher for a third consecutive session.
Shares of ^GOOG^ (below) gained more than 1% in trading on Tuesday.
The rally puts the stock in overbought territory below the 200-day. Last overbought in the first half of May, GOOG then sold off over the next four days to hit new lows for the year.
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David Penn is Editor in Chief of TradingMarkets.com