Market Overview

10 Key Technical Levels To Watch On Thursday

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The following stocks and technicals were mentioned on Wednesday's edition of PreMarket Prep, a daily trading ideas show hosted by former floor trader Joel Elconin and prop trader Dennis Dick.

You can listen to the show live every day from 8-9 a.m. ET here, or catch the podcast on iTunes, Soundcloud, and Stitcher.

  • Wal-Mart Stores Inc (NYSE: WMT) - The stock is at an all-time high and continuing to climb, so there are no relevant levels. Wednesday’s close of $89.93 could be support if it were to give back gains. 
  • Best Buy Co Inc (NYSE: BBY) - There’s no upside until it clears $56. It’s also got a lot of recent lows in the $53 handle. 
  • Cisco Systems, Inc. (NASDAQ: CSCO) - $36.72 was the pre-market high. The next high in this area is the 16-year high of $38.63.
  • L Brands Inc (NYSE: LB)- Needs to hold $46. There’s a gap fill to $44.39 and major resistance at $50.
  • NetApp Inc (NASDAQ: NTAP) - There’s major resistance at the $55 area from June and July 2011.
  • Viacom, Inc. (NASDAQ: VIAB)- Major support at the $24 area as it’s had seven of the last eight lows in that area. It needs to hold $25 to rally.
  • J M Smucker Co (NYSE: SJM) - Look for it to fill the gap up to 118.09 from its last earnings report.
  • Procter & Gamble Co (NYSE: PG)- Support is at the gap fill down to $88, and resistance is the premarket high of $92 and the Oct. 19 high of $91.99. 
  • Dollar General Corp. (NYSE: DG)- $83.83 was the high from Tuesday and $85.09 was the high from Monday. 
  • Paypal Holdings Inc (NASDAQ: PYPL) - $75.45 was the all-time-high before today, so that’s support. 

Watch the full show below!

PreMarket Prep is a daily trading ideas show hosted by former floor trader Joel Elconin and prop trader Dennis Dick. You can listen to the show live every day from 8-9 a.m. ET here or on YouTube Live. The podcast is available on iTunes, Soundcloud, and Stitcher.

Posted-In: PreMarket PrepTechnicals Pre-Market Outlook Media Trading Ideas

 

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