TradingMarkets 7 Stocks You Need to Know for Friday: NBL, CNX, AMZN, FDX, QCOM, VOD, MA
Persistently oversold conditions encouraged the market to open up significantly higher on Thursday. But heading into the final trading day of the week, oversold conditions continue to prevail, especially among the smaller cap stocks of the Russell 2000.
The semiconductor stocks of the Nasdaq 100 were making a comeback on Thursday, with both ^SNDK^ and ^AMAT^ closing higher by more than 2%. Energy stocks also attracted buyers ahead of Friday’s session, with stocks like ^NOV^ gaining more than 5%.
Here are 7 Stocks You Need to Know for Friday.
In addition to NOV above, shares of both ^NBL^ and ^CNX^ were both up by more than 5% on Thursday. NBL’s rally comes after a sharp, one-day pullback, while shares of CNX have closed higher for five days in a row – the last two in overbought territory above the 200-day moving average.
Pulling back for a fourth day in a row ahead of trading on Friday were shares of ^AMZN^ (below).
The selling in AMZN puts the stock in oversold territory above the 200-day moving average. The stock was last oversold just over a week ago.
Although missing earnings estimates by a penny, shares of ^FDX^ closed higher by more than 3% on Thursday. FDX had closed lower for three days in a row heading into the session and is now back above its 200-day moving average.
Telecommunications companies that had been sold aggressively over the past several days found a market for their shares on Thursday. ^QCOM^ gained more than 3% after six straight closes in oversold territory, while shares of ^VOD^ (below) were also up more than 3% after closing lower for three sessions in a row.
Two of the past three lower closes in VOD were in oversold territory above the 200-day.
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Closing lower for a third day in a row, but not yet oversold, are shares of ^MA^ (below).
MA was last in oversold territory in the second half of February, and is currently trading somewhat lower in price than it was during its oversold lows one month ago.
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David Penn is Editor in Chief of TradingMarkets.com