Today's Charts of Interest
from trading ideas...
Charts of Interest, Stocks on the Move - 7/22/99
Internet stocks came under sharp sell-off over the past several sessions, many of the stocks falling below near-term support. Just when it appeared that the stocks might participate in the tech rally, another round of sell-off put an end to the party. Now, many of the stocks are oversold, which might limit downside from current levels and might set up for some technical rebound. Keep an eye on shares of ATHM, which closed slightly below its 200-day moving average. Back in June, when ATHM fell to its 200-day moving average, it managed to make a technical rebound. Stock is expected to do the same now.
Keep an eye on shares of CMGI, which failed to stay above its 25-and-50-day moving averages. But the stock is approaching support at $88-$93. Technical indicators are also approaching oversold condition.
Keep an eye on shares of DRIV, which are testing key support at current level. Since rising to $35 earlier this month, shares have been consolidating and relieved overbought situation. Now, technical indicators reached an oversold level.
Keep an eye on shares of ebay, which closed slightly above its 200-day moving average. Since falling below support at $130, shares continued to decline and are in the midst of testing key support. Rebound is likely due to deep oversold condition.
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