Been watching this one for a few days now due to the heavy volume. Wish I would have been accumulating some shares in the 38's, but I feel there is still a little room left to rally.
Quick DD. Growing bank mostly located in the northwestern US. Profitable bank and pretty safe/boring investment overtime. Pretty much sideways movement.
Stock price was recently hammered because of an acquisition of a bank that operates in the the northern Midwest territory. Should expand business quite a bit if it works out. Natural to see the acquiring company's stock price take a hit short term. I feel like I am getting in a little late so setting a tight stop, but momentum looks good and I think there's a better chance we get back to the 50 day MA range which would price this ticker around $42. Low risk/low reward.
hey man , which scanner do you use to check when stocks go oversold? thanks!
DrewDimes
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@fantasyste, FINVIZ is my favorite scanner at the moment. Best part of it is it's free for anyone to use and and has a lot of good info stored all in one place. Don't necessarily scan for oversold, but more often unusual volume. I look thru about 15 to 30 tickers a day and often find 1 or 2 out of those that are indeed oversold (using RSI and MACD as indicators) and have a good chance for a pop back up. Always do a little 15 to 20 minute DD on the company before making any investment, and generally tend to buy towards the end of the day after I can see what kind of action the whole day has given us.
fantasyste
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@DrewDimes, I use it as well... the only problem in what you said: if you scan for oversold stocks with unusual volume, wouldnt it give you stocks with too much volume with the price going downwards (usually a bad sign)?
DrewDimes
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@fantasyste, I just scan for unusual volume. Then I sort thru and decide which ones are oversold and worth a play. Often unusual volume after a long downtrend is the 1st signal of a reversal.