SUNW
Stop loss: 4.43
Price target: 5.90-6.00
Second PT: 6.50
Analysis done on hourly candles. With Biden in office, solar and clean energy companies are beginning to catch traction and they’ll likely continue to do so over the next four years. Of course not all stocks with in the sectors will be winners so you must have a high risk lens on when researching these young companies. Sunworks is a company full rounded company that does anything between designs and engineering to installation and maintenance of power systems in residential, commercial, and agricultural markets. With sales growing, it may start catching the eyes of young investors interested in this up and coming sector. In terms of their chart, SUNW has taken the last four weeks to cool off from the massive election run. Since then the stock has return to the breakout support of 4.00 and has been consolidating in a healthy range, allowing us to create this set up.
FCEL
Stop loss: 8.85
Price target: 11.20-11.30
Second PT: 13.00
Analysis done on two hour candles. FCEL continues to hold an impressive position on the chart since their last run. The stock at one point quadrupled in price in November but has since corrected itself down to a reasonable price point. FCEL is one of the names that are seeing an influx of new buyers in the energy market. Considering the world’s advancement into clean energy using fuel cells, the stock’s name speaks for itself. In terms of their fundamentals, FCEL is still far from being a low risk investment so one should be aware of them in the long run, however the short term can still be played well. The stock’s daily candle recently bounced at the 10 and 20 day moving and saw a surge of volume in which could push it higher this week.
UPWK
Stop loss 38.70 (Low risk)
OR
Stop loss: 34.80 (High risk)
Price target: 44.00-45.00
Analysis done on two hour candles. UPWK made it to our watchlist just a few months ago when it was only trading at 16.00. Since then the stock has more than doubled and for a good reason too. Upwork is a an online service company that corrects businesses and freelancers with ease. The trend of hiring freelancers is catching on very quickly and we’ve seen companies like Fiverr make a killing, which could mean strong potential for UPWK too. With remote work being fueled by the pandemic, Upwork and its competitors got a supercharge to their success. Their chart is still very much in an uptrend since their last strong earnings and it began setting up last week for another move in the near future.
SDC
Stop loss: 11.70 (Low risk)
OR
Stop loss: 10.75 (High risk)
Price target: 13.40
Second PT: 14.00
Analysis done on daily candles. Smile Direct Club continues to show improvement in their quarterly earnings as more people are adopting the invisible aligner method of straightening their teeth. The last earnings report was promising as the company is foreseeing a positive trend in revenue growth and their most recent partnership with Metlife insurance should boost that trend. SDC has announced multiple other partnerships in just the last month along with multiple US patents. Overall this company is showing bullish signs and could be poised for growth over the next few years. In terms of their short term focus, the stock is coming from a double bottom pattern at the 9.00 support and is now beginning to breakout from the 12.00 resistance. SDC gained in volume on Friday and ended the day strong from the bounce at the 20 day MA, making it a promising set up for this week’s watchlist.
JNJ
Stop loss: 147.00
Price target: 164.00-165.00
Analysis done on daily candles. Vaccine companies have been more volatile lately since their announcement of the new vaccine distribution. We saw MRNA nearly double in a matter of a couple weeks with most of the gains coming in a single day and many traders are anticipating the same for PFE and JNJ. Trading on news and hope is never a solid plan however so we must look at the chart and see what’s safe to project. JNJ has attempted a breakout over the 156.00 resistance multiple times in the last fews months in efforts to push to another all time highs, but has failed. It appears that this is happening because JNJ is not getting a fluid move to test the resistance, most of its move are sharp and unsustainable. The stock’s current position may have a higher chance if it takes the time to consolidate between 148.00 and 156.00 a bit longer before attempting the breakout to 165.00.
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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.