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Zacks highlights commentary from People and Picks Member «inthemoneystocks».
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Stocks Get High, Smoking Trades
While the central banks and most G-20 nations scramble to keep Greece in the European Union, some stocks are making new 52 week highs. The list of these stocks is not very large, however, it is important to know who these leading stocks are as they present trading opportunity. This week, we will examine three leading stocks making new 52 week highs and point out the major levels that all traders need to know.
McDonald's Corp ([url=http://www.zacks.com/stock/quote/mcd]MCD[/url]) is one of the leading restaurant franchises in the world. This stock has been one of the few stocks to remain in a solid uptrend throughout 2011. Last week, the stock closed near a new 52 week high and remains very strong on the charts. Traders should watch for near term resistance around the $96.80, $102.00, and $106.70 levels. Should the stock pullback from current levels traders should watch for support around the $90.00, and $87.00 levels. Place these levels on your charts, watch the stock react and trade them accordingly.
Tesoro Corp ([url=http://www.zacks.com/stock/quote/tso]TSO[/url]) is a leading oil and gas refining company headquartered in San Antonio, Texas. This stock has surged sharply higher since October 4, 2011 when it traded as low as $17.43 a share.
Last week, TSO stock closed at a new 52 week high at $28.80 a share. Traders must realize that the stock is trading into a double top resistance area from April 6, 2011. The next near term resistance levels for TSO are $31.50, and $34.25. Should the stock decline from current levels traders should watch for near term support around the $24.00, and $21.50 levels.
Hornbeck Offshore Services Inc ([url=http://www.zacks.com/stock/quote/hos]HOS[/url]) is a leading provider of marine services for exploration and production of offshore oilfields. The stock broke out of a two week base on October 27. 2011. Last week, HOS stock closed at $35.61 a share. Traders should watch for near term resistance around the $38.50, $41.00, and $44.50 levels. Should the stock pullback from its current level traders should watch for support around the $31.50, $28.00, and $26.00 levels.
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