Market Overview

Stocks to Watch for November 04, 2013

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Patterson-UTI Energy, Inc. (NASDAQ: PTEN) is approaching a breakout point at the 24.80 level, a break of which could accelerate the upmove. The technical indicators are bullish. The MACD is again above the signal line and trading upwards. The RSI and Slow stochastic are in the Bullish territory. All five EMAs on the chart are rising, and the stock price is rising above them. The bulls are in control. Stop 23.19
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Portland General Electric Company (NYSE: POR) shares ended higher by 2.82% at $29.51 on Friday. From a technical standpoint, it's difficult to predict the short term trend as it's lying near to its critical resistance of $29.72. Only a close above this key resistance level would be a major bullish development and confirm the bullish sentiment.
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Commercial Metals Company (NYSE: CMC) Flagging here. The stock has a very strong resistance at $18.63 and breaking above could take it to new highs, without any further major resistance.
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DryShips Inc. (NASDAQ: DRYS) made a strong upside reversal Friday on good volume. The technical daily chart suggests that stock might find now resistance at $3.20. Only a close above this level would suggest further upside. I believe the stock is due for recovery as %K line has crossed on top over %D line and the MACD is curling up. The stock needs to close above this level in order to alleviate the negative near-term view.
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Seagate Technology PLC (NASDAQ: STX) is consolidating above breakout area. A move above 50.66 would confirm a break of the flag and continuation of the uptrend. The stock has a strong support at 47.4.
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AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) still holding this biotech name. The stock seems to be undervalued at current levels IMHO with a strong balance sheet and no debt. The company has $3.04 per share in cash. From a technical standpoint, the stock is in a downtrend but the signals are mixed. AC/DT indicator is displaying a bullish divergence and Slow Stochastic is now oversold on a daily basis. Percentage of shares held by institutional and mutual fund owners is 71%, so I still think the stock has potential at this point. On watch.

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