TradingMarkets 7 Stocks You Need to Know for Wednesday (GOOG, CL, WAG, HNZ, LLTC, GIS, NVDA)
Stocks remained little changed on Tuesday, though the selling pressure that was present in the market did help relieve overbought
conditions in a number of markets.
Among stocks recently highlighted in 7 Stocks You Need to Know, shares of ^AZO^ and ^NYX^ are in pullback mode, as is ^CSCO^, which continues to fall from recently overbought conditions below the 200-day moving average.
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Here are 7 Stocks You Need to Know for Wednesday
A number of stocks continue to climb higher and deeper into overbought territory ahead of trading on Wednesday. This roster includes
institutional “must-owns” like ^GOOG^ (below) and a sizable number of “safety stocks” like ^CL^ and ^WAG^.
Shares of Google have closed higher for five straight trading days. Shares of CL have climbed to close higher for six consecutive trading days. Breaking out from a short term trading range below the 200-day, WAG has closed higher for three days in a row.
Among the few stocks pulling back above the 200-day moving average are ^HNZ^, which lost more than 1% on Tuesday.
The stock had closed higher for four trading days in a row before reversing lower on Tuesday.
Also pulling back above the 200-day moving average on Tuesday were shares of ^LLTC^. LLTC lost more than 3% on Tuesday, erasing five days of previous gains.
Reporting quarterly earnings on Wednesday, ^GIS^ was under selling pressure on Tuesday that took the stock below its 200-day moving average. The last time General Mills was this oversold was approximately one month ago, when it first began to slide below the 200-day.
Joining a growing number of overbought technology stocks, ^NVDA^ gained more than 5% in trading below the 200-day moving average on Tuesday.
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David Penn is Editor in Chief at TradingMarkets.com.