The market took a needed rest today after a strong move higher the past five trading days. Take a look at the Nasdaq weekly chart. Would you expect it to head much higher without consolidating, or pulling back a few days? We’re at the end of the quarter, so expect possible window dressing. The safe trade would be to wait for a decent setup before getting too long here.
With that… Here’s three stocks for the trading radar, that have open air above. They need to rest first though.
GIVN Given Imaging, Ltd. looks great coming out of a 2-month base. A move above the 50dma with higher volume shows bulls taking control.
ADBE Adobe Systems Inc. also has a decent base. Note the shakeout and reversal bar with very high volume.
GILD Gilead Sciences, Inc. broke to another new high today with heavy volume. No resistance above, but needs a rest before entering.
