TradingMarkets Chart of the Day
Each day TradingMarkets publishes a
Stocks Ready To Surge list on the
Indicators
page. These are the stocks that today made new 10-day lows that are still
in an uptrend as they are trading above their 200-day moving average.
Because these stocks are trending up (above 200-day MA), the new lows act as
pullbacks, giving traders a better price to buy-in at before the trend resumes.
Walgreen
(
WAG |
Quote |
Chart |
News |
PowerRating) came up
on the scan from 8/01. WAG is in a defined uptrend, and has been pulling
back for the last 4 trading days. As price gets closer to the
moving average,
expect the MA to pressure the stock into staging a bounce. The new lows
from 8/01 should give price enough energy to initiate a corrective move back
into the direction of the trend.
Over the next few weeks, we will continue to highlight
different scans from the Indicator page, to teach you strategies that underlie
TradingMarkets systems. Keep checking back to get a new lesson every day.
Good Luck Trading
John Patrick Lee