Targets On Three Major Stocks
While most of the market has been under recent pressure, three stocks have stood out and defied the market downturn. They have pushed higher and are all heading towards master levels. These levels will be revealed and should they hit, will be a long term pivot top according to proprietary technical signals.
Amazon.com, Inc. (NASDAQ:AMZN) is soaring today, trading at $235.16, +10.95 (+4.88%) . This is a monster gain as the company is set to unveil its iPad-like device. Amazon.com has continued to grind higher, stretching its P/E to over 100. While this device is expected to be a great thing, it may not justify the lofty valuation. The master level to watch is $250.00. This round number is working like a magnet to draw the stock to it. Once hit, expect a sharp pull back.
Intel Corporation (NASDAQ:INTC) has been a stock that has also defied gravity. In many ways, this company has been reborn, finding a way to increase earnings and give solid guidance. The stock over the last month has jumped from just over $19.00 to near $23.00. While it is stalling at current levels, any further spike will take it to $24.00. This will be the level for a major pull back.
International Business Machines Corp. (NYSE:IBM) has had a monster three day move. IBM opened on Monday at $167.00. The stock hit a high today of $180.75. For one of the largest companies in the world, this gain in market cap is extreme. IBM is just a small shot away from the 52 week high of $185.63. This will act as a major level on the stock. A sharp pull back is likely.