Wednesday’s Top Stocks From TradersWire
It was a disappointing
trading session especially for the Nasdaq. It failed to follow
through to the upside and re-crossed below the 50-day SMA (simple moving
average). Volume was lighter than its daily average. Although the index finished
poorly, it managed to hold above the lower boundary of a channel.
Following Monday’s bearish tail, the Dow Jones Industrial Average has lost 24
points, and it is approaching a support line on decreased volume.
Now, three stocks for Wednesday:
Amazon.com (AMZN): The stock hit a resistance level and reversed to the
downside. Notice the stochastic is in the overbought zone. Short AMZN if it
slips below 35.75. The initial target is 34.70. Risk 35-50 cents.
BJ’s Wholesale Club (BJ): The issue tested the 38.2% retracement level
successfully and formed a bullish tail. Long BJ if it takes out 33.18. We are
looking for the March 2 high (34.70). Risk 50 cents.
Adobe Systems (ADBE): The stock failed to record a new high, and it shaped a
bearish tail at the upper Bollinger band. Short ADBE if it trades below 64.75.
Target is 63. Risk 50 cents.
T.Kamada
Feel free to mail me your
questions.
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