Tuesday’s Top Stocks From TradersWire
Is crude oil ready to
move out of a pullback from the April 4 high? As you can see below,
it tested a horizontal support line successfully and formed a bullish tail.
Maybe it is time to look at oil stocks again.
The Nasdaq Composite Index followed through to the downside. It lost 7 points
and closed near the day’s low. Volume was light. The Dow Jones Industrial
Average shaped a narrow range bar and finished just above the 200-day EMA
(exponential moving average).
Biomet (BMET) still looks good as a short selling candidate. It traded
above its 20-day MA, but immediately reversed to the downside. Our new entry
price is 37.49.
Now four stocks for Tuesday:
Patterson UTI Energy (PTEN): The stock tested the 61.8% retracement level
successfully and formed a bullish bar. Long PTEN if it takes out 25.75. Target
is the April 7 high (27.29). Risk 50 cents.
Burlington Resources (BR): The issue bounced off its support level and
closed at the best level of the day. Long BR if it trades above 51.10. We are
looking for 53. Risk 0.5-0.75.
United Parcel Service (UPS): The stock appears to be forming a bottom.
Notice the 14-period RSI is showing a positive divergence. Long UPS if it moves
above 72.10. Target is 74. Risk 0.5-0.75.
JP Morgan Chase (JPM): The issue is struggling to break above its
resistance level and looks ready to resume its downtrend. Short JPM if it slips
below 34.55. Target is 33.75. Risk 35 cents.
T.Kamada
If you have questions, feel free to
mail them to me.