Every weekend I look through well over 1,000 stocks charts to get an idea of what is going on in the markets and where the opportunities are.
Last Monday I posted about WILC as a breakout candidate BEFORE it broke through resistance and surged to become a top gainer of the past week.
WILC came out of a very simple consolidation pattern.
Now I also talked about a potential breakdown in TSLA stock.
And that complete breakdown came on Friday after TSLA reported earnings and closed on Friday below its critical $254 support price.
TSLA has held the $254 level for over a year, repeatedly bouncing off of it in the face of a looming debt disaster and failure to back up the Musk hype.
On Friday it closed way below this level to mark a mega top in the stock. I believe it’s now on its slow march to ZERO.
I actually tried to short the stock on Friday, but couldn’t get shares so I put on a small bear call spread trade in the options market for fun.
Now let me share with you four charts that now have my attention for this
CGC is the biggest and most important dope stock. It went up 3.55% on Friday to come out of a short-term consolidation pattern. This suggests to me that other dope stocks now can go up with the simple logic that if the sector leader can go up some of the smaller ones can do so now too.
Dope stock HEO surged almost 9% on Friday to make a new 52-week high. This is the type of action that can attract computer robots and stock chasers this week to create enough of a rally to make it a CNBC “Fast Money” special.
I’m not into buying stocks like this after they already made a big move though myself.
One such stock that made a huge move last week is Disney.
Since Disney is in the DOW its surge helped to generate a nice move up in the DOW and the DIA ETF.
LPSN is consolidating here to create a potential breakout stock pattern with resistance at $30.00. It reports earnings on May the 2nd so it will be interesting to see what happens with it this week.
I’m just watching this one.
Now I sent out an update yesterday to members of my private trading group of a stock that I’m adding to my Top Seven Trades Portfolio today on the open.
Trades like WILC and LPSN will work only as long as the stock market is going up.
So how far will it go? That’s what I talked about with Ike Iossif in this interview:
I also got Ike to agree to a special offer for you to get his premium market commentary at a 50% discount. He only does this once or twice a year and this deal ends tomorrow night so grab it now by going here: