Monday, 2 February 2015

US Stock Market Overview and Stock Pick as on Monday, February 02 2015


 

US equity market ended down the month on a sharply lower note. The key market indexes struggled at

the start after a disappointing GDP report for the fourth quarter introduced deteriorating global growth 

outlook. The Dow Jones Industrial average lost 251.90 points or 1.45% to close the session at 17165, 

NASDAQ Composite lost 45.17 points or 1.03% to close the session at 4635 while the S&P 500 index 

lost 26.26 points or 1.30% to end the session at 1995. ISM manufacturing data is due on Monday, 

which is expected to come negative for the economy to continue the bear phase in the market.


BULLS OF THE STREET (NYSE)

Name
Close Price ( $ )
Change %
Shake Shack CI A
45.90
118.57
Infra REIT
26.60
15.65
Gigamon
18.41
14.56
Manpower Group
72.88
12.30
Cencosud ADS
07.53
11.89



BEARS OF THE STREET (NYSE)

Name
Close Price ( $ )
Change %
Green Dot CI A
15.25
23.17
Deckers Outdoor
66.05
19.72
Eldorado Gold
04.78
14.18
Unisys
21.93
13.25
Graham
20.69
10.59


ACTAVIS PLC
 


Recommendation Sell Below $265.85
 
Target $258.50

STOCK SUMMARY:-
 
Actavis Plc is overall in bullish trend and is sustaining at higher levels on chart. However, traders can 

sell the stock below the level of $265.85 which is a near term support level for the stock and if it 

manages to breach this level further bearish movement is expected in this stock to test the levels of 

$258.50.

CHART FORMATION
 
Stock is in bearish trend for near term and price is taking support on trend line with the expectation of 

formation of rounding top pattern on daily chart. Near term breach of major support level of $265.85 is 

expected which would trigger further bearish sentiment in the stock to test the levels of $258.50.

INDICATORS:-
 
RSI is trading with negative bias and is sustaining at the level of 50.
 
In MACD signal line has cross-over MACD line downside which is indicating bearish sentiment in the 
stock.