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This Week's Stock Ideas
Monday, August 15, 2022
Good morning everyone!
We want to welcome all new members that joined over the weekend and remind you to comment or ask questions below. Also, congrats to all those that caught the TTD trade last week with us for a monster 40% return in one week!
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The Walt Disney Co. has been struggling to get above the $112 resistance since early June. The company reported impressive Disney + subscriber growth, and the stock gapped through that resistance level and did so on massive volume. Today we are looking to buy if the stock can clear $122 and will look for a run towards $131. If the stock closes below the $112 level, we will pull the plug on the trade.
Advanced Micro Devices Inc. was featured in last week’s newsletter after giving us a bullish cross. For those unfamiliar with this setup, this is when the 20-period moving average crosses above the 50-period moving average, as shown below. Although the stock consolidated for a few days, the trade is still valid, and our target remains at $112.
Cigna Corp has shown tremendous relative strength in recent months. While most stocks are still trading well below their 2021 high, CI just traded into new all-time highs on Friday. This stock looks great across all time frames and should continue this bullish trend. We like this one as long as it remains above $280.
Plug Power Inc. is trading about 60% below its 2021 high but is now showing signs of a potential trend change. After an extended consolidation period, the stock finally started pushing higher and had a couple of days where it traded over three times its average volume. This tells us that buyers are finally getting back in. Our entry price for this one is $29.50. If our entry price triggers, we will set a stop loss at $25, and our target will be $40.
Snowflake Inc. has begun a new uptrend, similar to the abovementioned PLUG. While this one did not have the uptick in volume to accompany the reversal, it still meets all the criteria to indicate a trend change. After Friday’s consolidation, we are looking for the stock to get above $170 before we buy. If our entry price triggers, we will look for a move towards $191.50 before we begin booking profits.
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