If you think energy names are the only tickers moving higher, you are only partially correct.
There are a few gems out there doing well despite the market volatility.
That said, I am going to start with energy because XLE is targeting $93.36 again and all signals look like it will get there after closeing just above $92 on Wednesday.
LNG is a favorite and it got its breakout above $170 last week pushing to $177.55 before cooling off.
A long lower wick on Wednesday off of a decent volume shelf tells me there is a good chance we see more upside.
RSI is strong, I like the set up for a move to $180.
Next up in the energy space is ET, which is also powering higher and looking to launch.
Key support is at $13.85 with the 20-day simple moving average providing addtional support at $13.75.
ET has a great yield and if it continues higher from here the aim is to take out the recent high of $14.09 and make a move to $15.
In a solid uptrend, I like the potential here.
Next up is NVT, which has been a complete disappointment. I will be closing this position in the Savvy Trader portfolio, which you can follow here for free.
I thought we had nice support at $51 but Wednesday NVT gapped below this level and continued selling off.
I could revisit this one but for now, I’m moving on.
DKNG back in focus but for the wrong reasons. Rejecting hard at $30.32 and back below it’s 50-day SMA.
It needs to hold above $28 or there is like a quick drop back to $26.50.
The chart is giving zero reason to get excited at this point.
Arista Networks is a favorite and one that I have not spoken enough about recently.
In a strong uptrend, RSI well above 50, and using its 50-day SMA as support, ANET continues to power higher.
The key resistance level to break through is $198.70 and there have been many recent attempts to get through.
As long as the 50-day SMA holds up as support, I like a break above $200 if market momentum to the upside gets moving again.
And of course we need to take a look at TSLA after its earnings on Wednesday and overall performance.
I think we see TSLA move a lot lower from here. Like 20% lower.
The wedge has been broken and after hours trading further confirrmed the break.
Key support at $199 (effectively the $200 psych level) is 19.5% lower from where the wedge was broken.
If you’re a long term investor that would have to look like a buying opportunity for TSLA. If it got the drop.
Markets could keep sliding to close out the week but there will be opportunities to make money in both directions.
It is definitely a stock picker’s market and using charts is the best way I know of to identify where the next trade is.
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This service is for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice. These are my opinions and observations only. I am not a financial advisor.
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