My views on the market at current is that with lockdowns coming through, some stocks are ready to rip. Those to me? FSLY, CLX, OSTK, RKT, and DKNG. Many of these have been battered but with strong earnings and raised guidance, I have already added these to the portfolio and look to ride the waves with them.
FSLY – Fastly
FSLY breaking past key resistance but stoch RSI is quite high, RSI is low and the MACD cross happened. IMO great to still long, holding where it has to and is ready to go. FSLY had good earnings relative to where the stock was, I believe it is to go to the 90$ zone.
RKT – Rocket Mortgage
RKT had insane earnings with strong growth and great expectations for the upcoming year. With rates remaining low, I believe this company will continue to grow even though they are already the market leader.
DKNG – Draftkings
Great stock, great earnings, great partnership, and likely no secondary till after the stock hits 60. I am a firm believer that this has done very well structurally; the volume on selling has died down, anyone who wanted to sell, in my opinion, already has sold. With raised guidance and sports seasons not even taking a break, this is a great stock to add to your portfolio.
CLX – Clorox
Clorox got hit from the PFE news but it is my belief that this hit was just a reaction that isn’t supported by the market. With MACD cross on the daily, breaking through the prior key pivot at 206/207, and decent volume to pick up from that selloff, I expect a nice move to 215-220 within a shorter stint of time.
OSTK – Overstock
Volume going down in the downtrend after big consolidation and post earnings set in. You can wait a few more days but so far it looks like it doesn’t want to go down further, I am putting in a long today.
NIO – Nio Inc.
NIO putting in a sell signal with high volume hitting a wall and putting in a strong hammer. I see a world where you are out of buyers, and the earnings will be more of a sell than a buy after expectations are even more charged with LI and others reporting prior and smashing post earnings. I would not long this stock, on a 49.50 break and hold, you will see 45 soon after and lower is possible if it breaks 45.
Have a great weekend and stay safe and healthy.
Ace Chasing Charts 