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2 Big Tech Stocks Bouncing Higher

Stocks in this article: ZNGAPLUG

 

BALTIMORE (Stockpickr) -- Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.

>>5 Hated Earnings Stocks You Should Love

From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept thats known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.

Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.

While some fund managers are already trying to leverage social media resources like Twitter to find algorithmic trading opportunities, for most investors, crowdsourcing works best as a starting point for investors who want a starting point in their analysis. Today, we'll leverage the power of the crowd to take a look at some of the most active stocks on the market today.

>>5 Stocks Ready for Breakouts

These "most active" names are the most heavily-traded names on the market -- and often, uber-active names have some sort of a technical or fundamental catalyst driving investors' attention on shares. That's especially true now that earnings season is officially underway. And when there's a big catalyst, there's often a trading opportunity.

Without further ado, heres a look at today's stocks.

Zynga

Nearest Resistance: $5.80

Nearest Support: $4.60

Catalyst: Tech Stock Bounce

Zynga (ZNGA) is one of a large number of technology names that's bouncing this afternoon after getting sold off in yesterday's session. But that's not exactly a conviction buy signal. Despite a nearly 3% pop as of this afternoon, the fade in ZNGA and other tech titans over the course of today's trading is a big indication that buyers are struggling to cope with excess supply of shares that's coming in at current prices.

From a technical standpoint, ZNGA is sandwiched in between resistance at $5.80 and support at $4.60. While this stock's proximity to support (and distance from resistance) would normally be a pretty attractive place to buy, momentum continues to bleed out in ZNGA this week. If $4.60 gets violated in the next few sessions, then $3.40 could be the next big support level on the horizon.

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