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>>5 Stocks Set to Soar on Bullish Earnings
From a technical perspective, HSNI bounced modestly higher here right off some near-term support at $50.03 with above-average volume. This stock has been downtrending badly for the last two months, with shares plunging lower form its high of $64.41 to its recent low of $50.03. During that move, shares of HSNI have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of HSNI have now entered oversold territory, since its current relative strength index reading is 27.8. Oversold can always get more oversold, but it's also an area where a stock can rebound sharply higher from.
Traders should now look for long-biased trades in HSNI as long as it's trending above that recent low of $50.03 and then once it sustains a move or close above Wednesday's high of $51.21 with volume that hits near or above 200,651 shares. If we get that move soon, then HSNI will set up to re-test or possibly take out its next major overhead resistance levels at $54 to $56.