After posting the rebound of Dow Jones at the beginning of the week, I mentioned that the Dow Jones, S&P500 and Nasdaq are all trading very near to the moving average resistance. I was predicting then that there was a possibility of retracement or correction coming soon.
Very soon, the market plunged on Monday. That’s the power of technical analysis as it can give us some information on the stock market trends and direction.
The market plunge on Monday can signal the start or beginning of the correction. The market seems try to do some rebound again but there is not strength in this rebound as trading volume are very low.
I spotted some stock are trading and correcting from the 50d MA resistance. They are Commercial Metals, Petro Canada and Parker Hannifin Corp.
Though the reward/ratio of these few stock market picks are not the best, they are still some of the best stock market picks that I am seeing in these 2 days. I will continue to scan the market based on my Moving Average triggering system and I will post more on InvestMoneyLab as long as I spotted them.
Commercial Metals Stock Market Picks
Petro Canada Stock Market Picks
Parker Hannifin Corp Stock Market Picks
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
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