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 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 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. 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 LB- Needs to hold $46. There’s a gap fill to $44.39 and major resistance at $50.
- NetApp Inc NTAP - There’s major resistance at the $55 area from June and July 2011.
- Viacom, Inc. 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 SJM - Look for it to fill the gap up to 118.09 from its last earnings report.
- Procter & Gamble Co 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. DG- $83.83 was the high from Tuesday and $85.09 was the high from Monday.
- Paypal Holdings Inc 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.
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