Black Friday Buying and Nasdaq Bargains
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