Continued selling in energy characterized many of the biggest pullbacks in the market ahead of trading on Friday. Find out what other stocks are retreating into oversold territory in the latest edition of 7 Stocks You Need to Know.
Buyers remained on the offensive in energy stocks, sending shares of Cabot Oil, for example, higher by more than 12%. Meanwhile, the broader market continues to pull back, increasing the number of oversold markets trading above the 200-day moving average.
U.S. stocks moved back into overbought territory on the strength of energy shares on Wednesday. Meanwhile, Microsoft’s pullback slows after five consecutive lower closes. More in our latest 7 Stocks You Need to Know.
Stocks eased from overbought conditions in trading on Tuesday, setting up the potential for further weakness – and even oversold conditions – in the second half of the week. Beginning to pullback above the 200-day in particular ahead of trading on Wednesday were chemical companies like Monsanto and Mosaic.
Energy stocks were back on the rebound to start the trading week as the broader markets move deeper into overbought territory above the 200-day moving average.
Traders are likely to see overbought conditions when trading begins on Monday as buyers bid stocks higher again on Friday. See what stocks are in pullback mode ahead of Monday’s open in our latest edition of 7 Stocks You Need to Know.
Short term oversold conditions resulted in a strong rally on Thursday, putting many oversold stocks back in the overbought column ahead of the final trading day of the week.
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