TradingMarkets Chart of the Day
For today’s Chart of the Day, let’s take a look at the
Stocks Ready To Drop list that can be found on the
Indicators
page. These are the stocks that today made new 10-day highs that are still
in an downtrend as they are trading below their 200-day moving average. They are
sorted in rank according to how over-extended they are vs. their 10-day moving
average. These stocks are in a downside pullback, as they push up towards
their moving averages, encountering resistance on the way up. Watch for
these to drop hard!
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating)
has been in a confirmed downtrend since the beginning of June, when price broke
support and began trading below the 200-day moving average. On August 17th
we saw this stock make a 1-month high, pushing up to the MA. Watch for
trend to resume on this one, as price resumes in its overall downward direction.
Use the trend to identify pullbacks! Get a better price
before the stock resumes its trend.
John Patrick Lee