Weekly Market Report - Profit Play Book
As we all know, the major stock indexes have been in correction mode since the beginning of May 2011. Most leading sectors are trading lower and continue to remain weak at this time. Despite the current market weakness, there are a few stocks trading really well and remain in a strong uptrend. This week, we shall look at three stock different stocks that are trading above their daily chart 50, and 200 moving averages.
The first stock that we shall examine this week is ONEOK Inc. (NYSE:OKE). ONEOK is a diversified energy company that primarily operates as a natural gas distributor. OKE stock has been in a solid uptrend since September 2010 when the stock was trading around $45.00 a share. On Friday June 24, 2011 the stock closed at $73.27 a share, this is a new 52 week closing high. OKE stock traded higher on an increase in volume this past week, this will usually indicate a little more strength in the stock before needing a pullback. Traders should watch for near term resistance around the $75.00, and $78.00 levels. The near term support for OKE stock should it pullback will be around the $67.75 level.
Hansen Natural Corp. (NASDAQ:HANS) is a leading producer and distributor of natural sodas, fruit juices, and energy drinks. The stock has been in a steady uptrend since July 2010 when the stock was trading around $40.00 a share. The stock closed at a new 52 week high on June 24, 2011 at $78.05 a share. Traders and investors must watch for daily chart resistance around the $80.00, $82.50, and $85.25 levels. Should HANS stock pullback traders can watch for near term support around the $70.00, and $67.50 levels.
Fortinet Inc.(NASDAQ:FTNT) is a leading provider of network security appliances to enterprises, service providers, and government entities worldwide. This stock just broke out of a loose two month basing pattern. On June 24, 2011 the stock closed at $25.85 a share which is a new 52 week high. Traders and investors should now watch the $27.50, and $30.00 levels for near term resistance. Should the stock pullback, FTNT stock will have daily chart support around the $22.00, and $20.00 levels.