Traders began Black Friday in buying mood. But sellers
outnumbered buyers early and the latter retreated without much of a
fight. Stocks like
Intel Corporation
(
INTC
) and
Cisco Systems
(
CSCO
) that were up more than 1% intraday reversed to finish well off
session highs or even near breakeven ahead of trading on
Monday.
Here are some other stocks from the Nasdaq that are in or near
oversold territory. All are likely to attract increased
buying interest in the near term.
Closing lower for seven days in a row and deeply oversold are
shares of
Intuitive Surgical
(
ISRG
). Aggressive profit-taking has sent the stock lower by more than
7% since finishing at new 52-week highs a week ago. Friday's close
marked the stock's fifth consecutive finish in oversold
territory.
More oversold than they have been in months, shares of
Google
(
GOOG
) have closed oversold for four straight sessions after
pulling back
again on Friday. The sell-off in the stock comes in the wake of
GOOG's rally to its highest level since July, and has returned
shares of GOOG to their lowest level in a month.
Are traders looking to take profits in
Alexion Pharmaceuticals
(
ALXN
)? The stock pulled back by more than 1% in Friday's trading,
finishing lower for a second day in a row. ALXN closed at new,
52-week highs in late October, and is off those levels by more than
8% ahead of trading on Monday.
IAC/Interactive
(IACI) has closed lower for seven days in a row ahead of trading on
Monday. This puts the stock at its lowest closing level in more
than a month. With four consecutive finishes in
oversold
territory above the
200-day moving average,
IACI is again at new short-term lows and earning its highest
ratings since early October. Then, a pullback to similar levels
anticipated an eight-day rally that took IACI higher by more than
12%.
Down seven days in a row, shares of Tractor Supply Co (TSCO)
have pulled back to their lowest level since October. Ahead of
trading on Monday, TSCO slid by well over 3%, and are trading at
new short term closing lows. Like many of stocks, TSCO is largely
experiencing profit-taking after rallying to its highest levels of
the year last week.
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David Penn
is Editor in Chief of TradingMarkets.com