Nifty Spot have support 5571-5609 (ALERT: MoneyMunch can think for buy this level)
- 23 of 30 Dow Stocks Now Oversold
our trading range screen for the 30 stocks that make up the Dow Jones Industrial Average. (Please view the description below the screen to learn how we calculate overbought and oversold levels.)
As shown, a whopping 23 of the 30 Dow stocks are now in oversold territory. The most oversold stocks in the index are Chevron (CVX), Disney (DIS), United Health (UNH), Microsoft (MSFT), Procter & Gamble (PG), Wal-Mart (WMT) and Exxon Mobil (WMT). Only three Dow stocks are above their 50-day moving averages — Boeing (BA), Bank of America (BAC) and Home Depot (HD). Home Depot is actually in overbought territory after doing well yesterday.
With the Dow now up less than 4% year to date, more and more of the names in the index are moving into the red for the year. There are now 10 Dow stocks that are down year to date, with Hewlett Packard (HPQ) down by far the most at -48.63%. Intel (INTC) is down the second most at -16.45%, while McDonald’s (MCD) has the third biggest declines at -15.02%. On the bright side, Bank of America (BAC) is still up 66% year to date, but at just $9.24/share, it has the second lowest weighting in the Dow behind Alcoa (AA).
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