Wednesday’s Top Stocks from TradersWire
The Nasdaq-100 Index
gained 9.91 points, but look at the daily chart. It formed a bearish
tail and closed near the day’s low. Anyhow, the index managed to hold above
Monday’s low. On the other hand, Diamonds Trust (DIA) bounced off the
upper boundary of a gap zone to avoid five consecutive losing sessions. Watch
out for the declining trendline.
Now, four stocks for Wednesday:
Activision Inc (ATVI): The issue is forming a bull flag just above the
10-period SMA. Long ATVI if it takes out 21.45. The initial target is the
January 18 high (22.35). Risk 0.35-0.45.
Network Appliance (NTAP): The stock is testing the lower boundary of a
range. Long NTAP if it trades above 30.90. Target is near 33.60. Place a
protective stop at 30.23.
Biogen Idec (BIIB): The issue is in a pullback from the January 18 high,
and it closed just above a support line. Long BIIB if it moves above 64.34. The
initial target is near 66. Risk 0.75.
USG Corp (USG): The stock bounced off the 50% retracement level and
finished near the day’s high. Long USG if it takes out 32.80. The initial target
is 34.30. Risk 0.75.
If you have questions, feel free to mail them to me.