Tuesday’s Top Stocks From TradersWire
The Dow Jones Industrial
Average rallied in late afternoon and closed just below the 20-day
EMA. Volume was light. The Nasdaq Composite Index gained 7 points and formed a
narrow range bar slightly below the 10-day EMA (exponential moving average).
(Charts courtesy of QCharts)
Shortly after the open, Nike Inc (NKE) traded above our buy entry price.
As you can see below, the stock moved up quickly and gave us an opportunity to
take a partial profit. We moved our stop to breakeven. Remember to take some
shares off the table as soon as your initial risk is covered.
Now, three stocks for Tuesday:
Celgene Corp (CELG): The issue shaped a narrow range bar after pulling
back from the April 26 high. Long CELG if it takes out 38.50. We are looking for
40. Risk 50-75 cents.
Jos. A. Bank
(JOSB): The stock broke above a short-term declining trendline and closed at the
day’s high. Long JOSB if it trades above 34.06. Target is near 36. Risk 75
cents.
MBNA Corp (KRB): The issue is forming a bear flag. Short KRB if it slips
below 19.50. Target is the April 22 low (18.28). Risk 50 cents.
If you have questions, feel free to
mail them to me.