Wednesday’s Top Stocks From TradersWire
Celgene Corp (CELG)
sold off nicely on extremely heavy volume. The issue formed an
outside bar and closed near the day’s low. I’m sure some of you already took a
partial profit and adjusted your stop to breakeven.
It was a directionless trading day. Look at the Dow and Nasdaq charts below.
Each index formed an inside bar.
Now, three stocks for Wednesday:
Kohl’s Corp (KSS): The issue is pulling back from the June 14 high. It is
still nearly two points away from a potential support level, but it may attempt
a recovery rally. Long KSS if it trades above 56.15. We are looking for 58. Risk
70-75 cents.
ONYX Pharmaceuticals (ONXX): The stock failed to move above the 38.2%
retracement level and finished poorly. Short ONXX if it slips below 25.80.
Target is near 24. Risk 75 cents.
Connetics (CNCT): The issue looks ready to resume its downtrend. Short
CNCT if it moves below 16.88. Target is the June 13 low (15.12). Risk 45 cents.
Feel free to mail me your
questions.