Kick Start August Trading with These Trade Setups
08/05/2014 7:00 am EST
Despite the fact that there are tons of damaged stocks out there as a result of last week's massive selloff, Ryan Mallory of SharePlanner.com still shares a list of several momentum plays that are at or currently bouncing off of support levels.
Conditions are prime for a bounce.
If the dip buyers have proven anything over the last five years it is that they are resilient and that they have yet to find a dip that wasn't buy worthy.
As a result of last week's selloff, there are tons of damaged stocks, and while there are still a few momentum plays that are out there, many of them are bounce plays off of key support. So, while a lot of stocks have taken a beating in the past week, the ones included in the list below are either at or currently bouncing off of support levels. Those are mainly the stocks that you want to be targeting-the ones that have not given up key price levels and are likely to attract the eyes of those on the street and get bought back up again.
Here's the bullish list of trade setups:
By Ryan Mallory, Founder, SharePlanner.com