TradingMarkets 7 Stocks You Need to Know for Wednesday: SLB, BHI, JPM, DFS, C, MA, ODP
An overbought market struggled to maintain higher ground intraday, causing markets to sell-off into the close. The potential for follow-through to the downside early in trading on Wednesday will be one of the issues high probability traders face heading into midweek.
Among the bigger gainers on the day were ^GMCR^, up more than 7% after pulling back for three out of the previous four trading days. Closing above its 200-day moving average for the first time since May were shares of ^OSK^.
Here are 7 Stocks You Need to Know for Wednesday.
Has profit-taking come to the energies? Pulling back by more than 1% and 2% respectively were ^SLB^ and ^BHI^ (below)
Shares of BHI had closed higher for six consecutive trading days before Tuesday’s sell-off.
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For four consecutive trading days, shares of ^JPM^ had become increasingly overbought below the 200-day moving average. On Tuesday, the sellers stepped in, taking the stock lower by 1%.
Pulling back by more than 2% on Tuesday were shares of ^DFS^ (below).
The credit card company’s reversal erased gains from Monday that took the stock to new short term highs.
Rallying to a new short term and intermediate high in trading on Tuesday were shares of ^C^. The financial stock closed higher by more than 3%.
Down by more than 1% ahead of trading on Wednesday was ^MA^ (below).
MasterCard had closed higher for five out of the past six trading days before Tuesday’s reversal.
^ODP^ was one of the bigger gainers of the S&P 500. Up more than 5%, the stock is increasingly overbought below the 200-day moving average.
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David Penn is Editor in Chief of TradingMarkets