Wednesday’s Top Stocks From TradersWire
Goldman Sachs (GS)
reversed to the upside and escaped six straight losing sessions. As
you can see on the daily chart below, the stock formed a bullish engulfing bar.
It also broke above the May 13 low and finished near the day’s high on strong
volume. We are looking for a minor recovery rally.
The Dow Jones Industrial Average failed to take out a resistance line and closed
poorly. The Nasdaq Composite Index lost 0.36 percent of its value and formed a
narrow range bar.
Now three stocks for Wednesday:
St. Jude Medical (STJ): The issue is pulling back from the May 25 high,
and it is testing the 38.2% retracement level. Buy STJ if it trades above 40.36.
The initial target is 41.28. Risk 35-40 cents.
BMC Software (BMC): The stock tested the May 16 low successfully and
shaped a bullish bar. Long BMC if it takes out 17.07. Target is 18. Risk
0.35-0.40.
Innovo Group (INNO): The issue is bouncing off the 50-day EMA and
attempting to rally out of a pullback from the May 19 high. Buy INNO if it moves
above 5.90. Target is 6.61. Risk 35 cents.
If you have questions, feel free to
mail them to me.