Traders know that when a stock crosses over its 50 day moving
average to the upside, that's a bullish sign. We screened
thousands of stocks and found five that might be worth some of
your research time.
) is a diversified media company with 22 million cable
subscribers as well as a majority stake in NBC. The stock was up
1.5 percent on Friday which put it above its 50 day moving
average on reasonable volume.
The chart, going back to August, is highly bullish with a
solid ascending channel throughout. A recent pullback has created
a compelling entry point.
J.C. Penney (NYSE:
) was up more than 11 percent on Friday on news that Goldman
arranged a $1.75 financing package
for the company. Large scale events like this don't necessarily
make for reliable technical analysis but the stock was trending
higher prior to Friday.
Although J.C. Penney remains in a downtrend, if it can hold
Friday's move, it could challenge the upper trend line resistance
sitting around $20
) is an integrated oil and gas company with a $77 billion market
cap. After selling off to a low of $56.81, its 200 day moving
average, the stock has rallied nearly four percent, breaking
above its 50 and 20 day moving averages.
Traders will look for it to challenge its double top at $61
but there is resistance along the way. Still, the chart action
could make for a favorable trade.
Look beyond the noisy chart and what you find is a stock with
a lot of potential. Home builder stock, Toll Brothers (NYSE:
) recently found a bottom at $29.87 and has since rallied an
impressive 16 percent in one week. The stock is above its 50 day
and is on track to challenge its upper trend line sitting around
$35.40. A break above that would set it up to challenge the
$36.50 and $38 levels.
However, a strong move in such a short period of time will
likely correct very soon. Watch the support levels carefully.
Footwear retailer, Foot Locker (NYSE:
) has been in a trading range since November. It rallied from
recent lows to break above its 50 day and is about to challenge
its 200 day. A break out from its 50 day is a bullish sign but
since the beginning of March, the stock has printed a series of
lower highs on diminishing volume. Until the stock can
convincingly break above the $35 level, this stock is best
avoided. Keep it on your watch list.
At the time of this writing Tim Parker had no position in any
of the stocks mentioned.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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