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PTON
Stop loss: 108.70
Price target: 117.50
Analysis done on hourly candles. Looking to redeem themselves after their massive drop on the vaccine news, PTON has been slowly setting up for a climb back to fill the gap back to 125.00. PTON’s potential was accelerated by the Covid 19 pandemic as more people began picking up home fitness equipment after gym closures. Unfortunately their drop on the 9th was an overreaction from buyers who strictly bought due to lockdown potential in the stock, but their fundamentals suggest that they have customer with or without lock down. The stock is currently trading between the 108.50 and 112.50 range, and forming a bullish flag on the hourly chart. We’re watching the stock this week for a potential breakout above that range for a move to our indicated price target.
IHRT
Stop loss: 10.20
Price target: 12.50-12.70
Analysis done on daily candles. Broadcasting companies in general didn’t suffer from the Covid 19 pandemic so they’ve managed to remain afloat while other business sectors suffered. Their recovery since the crash has been a bit slower than the rest of the market and that’s likely due to lack of attention to their sector, but that doesn’t mean they won’t give good set ups. IHRT had their earnings to begin November and their stock jumped up and has been consolidating since. They saw an increase on Friday after reports of insider buying along with strong buying volume, which could carry to this week and take us to our indicated price target.
MARA
Stop loss: 3.18
Price target: 4.20
Second PT: 4.90-5.00
Analysis done on daily candles. MARA is a familiar name to our community ever since we traded it in August for a massive upside move along with RIOT. RIOT showed its strength over the last week as cryptocurrency caught strong traction. Like RIOT, MARA is also involved in digital currency mining and is beginning to form a very attractive pattern. Since the stock found support at the 1.50 price point back in September, it has been seeing consistent volume that picked up stronger over the last week. Our entry remains the same, but our focus is on the 4.00 resistance for the big breakout. A push above 4.00 can take the stock even further than our price targets but we’ll remain modest for now.
IDEX
Stop loss: 1.38
Price target: 2.00
Second PT: 2.50
Analysis done on two hour candles. Investors are beginning to shift focus to fintech and electric vehicles and IDEX may be a key player in both fields. Ideanomics operates in both the financial tech sector and in the EV sector with their commercial electric car division, MEG. MEG began operating on May 1st and has already reported over 2,139 vehicles sold. The company is tangled in artificial intelligence and blockchain, which are leaders of the innovation revolution. While the company is still young and high risk, it is one to keep an eye on for potential large upside potential. In terms of the short term technical analysis, IDEX moved impressively to end the week last week and maintained a healthy support after being rejected at 1.75. Our main focus is that price point this week for a potential breakout above it to meet our indicated price targets. The stock may take some time consolidating and it remains at its healthiest range as long as it maintains the 1.40 support.
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The stocks posted are the preliminary stocks and set ups we’ll be watching this week. All price points are subject to change based on market performance and sector health. Please do your own research and analysis on these companies/charts before taking on any set ups. Trade at your own risk and as always, good luck! Let’s have a fantastic week.