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3 Tech Stocks for Short Term Traders
By: Trading Markets
If you like trading gaps, then the drop in shares of Dell Inc. (NASDAQ: DELL) may already have put the stock near the top of your watch list. Trending lower over the last few weeks in the wake of rallying to new, 52-week highs in February, DELL is back in technically oversold territory for the third time since those highs.
Down more than 3%, Dell is trading at its lowest level since late January. The pullback has earned DELL a one-point ratings upgrade to 7 out of 10 (a neutral rating), and a positive, short-term edge of more than one and a quarter percent.
With a more modest edge of just over a third of a percent, shares of Micron Technology ( MU ) may need to do more than close lower for five out of the past six trading days in order to attract buyers to the stock. Additional selling in the near-term that took MU into technically oversold territory would be a good start on that score. The last time Micron Tech traded oversold, during a three-day sell-off near the beginnning of the month, MU climbed for six out of seven sessions, gaining more than 10%.
Opening with neutral, 5 out of 10 ratings , Friday morning, MU earned a one-point upgrade over the course of the trading day.
Apple derivative play, Nuance Communications ( NUAN ) pulled back by more than one and a half percent on Friday before rallying to trim those losses in half. That said, the stock still closed lower for a second day in a row, moving the lowermost boundary of a trading range that extends back a month.
With a short-term, positive edge of more than half of a percent, NUAN is trading just outside of technically oversold territory, and could easily trade oversold on any additonal selling on Monday. The stock was last oversold in late February, during an extensive sell-off that took Nuance Communications lower for five days in a row and to oversold levels for the final two.
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