Market Overview

Five Stocks that Crossed Above Their 50 Day Moving Average

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Traders know that when a stock crosses over its 50 day moving average to the upside, that’s a bullish sign. We screened thousands of stocks and found five that might be worth some of your research time.

Comcast

Comcast (NASDAQ: CMCSA) is a diversified media company with 22 million cable subscribers as well as a majority stake in NBC. The stock was up 1.5 percent on Friday which put it above its 50 day moving average on reasonable volume.

The chart, going back to August, is highly bullish with a solid ascending channel throughout. A recent pullback has created a compelling entry point.

J.C. Penney

J.C. Penney (NYSE: JCP) was up more than 11 percent on Friday on news that Goldman Sachs (NYSE: GS) arranged a $1.75 financing package for the company. Large scale events like this don’t necessarily make for reliable technical analysis but the stock was trending higher prior to Friday.

Although J.C. Penney remains in a downtrend, if it can hold Friday’s move, it could challenge the upper trend line resistance sitting around $20

ConocoPhillips

ConocoPhillips (NYSE: COP) is an integrated oil and gas company with a $77 billion market cap. After selling off to a low of $56.81, its 200 day moving average, the stock has rallied nearly four percent, breaking above its 50 and 20 day moving averages.

Traders will look for it to challenge its double top at $61 but there is resistance along the way. Still, the chart action could make for a favorable trade.

Toll Brothers

Look beyond the noisy chart and what you find is a stock with a lot of potential. Home builder stock, Toll Brothers (NYSE: TOL) recently found a bottom at $29.87 and has since rallied an impressive 16 percent in one week. The stock is above its 50 day and is on track to challenge its upper trend line sitting around $35.40. A break above that would set it up to challenge the $36.50 and $38 levels.

However, a strong move in such a short period of time will likely correct very soon. Watch the support levels carefully.

Foot Locker

Footwear retailer, Foot Locker (NYSE: FL) has been in a trading range since November. It rallied from recent lows to break above its 50 day and is about to challenge its 200 day. A break out from its 50 day is a bullish sign but since the beginning of March, the stock has printed a series of lower highs on diminishing volume. Until the stock can convincingly break above the $35 level, this stock is best avoided. Keep it on your watch list.

At the time of this writing Tim Parker had no position in any of the stocks mentioned.

Posted-In: Comcast ConocoPhillipsNews Financing Technicals Events Tech Trading Ideas Best of Benzinga

 

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