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Two Stocks Nearing A Buy



January 19, 2011 – Comments (0)

These two stocks are nearing a level where they will finally become attractive to the buy side. Both have fallen sharply in the last month after making new 52 week highs almost daily. The first is Target Corporation (NYSE:TGT) which just crossed the 200 moving average to the downside today. This is generally bearish but it appears in this specific case, it is reaching for a gap fill at $53.75. In addition, as always stated, a move below the 200 moving average is only bearish if it confirms. This is a key methodology point revealed in the Research Center.  Should TGT hit $53.75, the long will trigger for a bounce back to $55.00 in the short term.

The next stock which is getting close to a buy level is Tata Motors Limited (ADR) (NYSE:TTM). TTM was trading at $37.65 just a couple months ago and now finds itself at $26.05. One more good flush and TTM will head to the 200 moving average on the daily chart. at  $23.30.  This will trigger a buy alert for a bounce back to $25.75.

Both these stocks should be watched in the next week or two for a possible buy at the trigger level.

Gareth Soloway

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