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Rossgivens

Pullback Buy in SOUNI started buying SOUN on a breakout above 3.35 two weeks ago. This was a classic breakout pattern with big volume on the advances and the stock was in the hottest group - AI. And shares surged 50% over the next 14 days. I sold half my position at around 4.80. Since the stock topped just below the $5 mark back in February, this was likely to be a key resistance area and the SOUN pulled back as expected. I added the rest of my position back on here at 4.15 on Wednesday. If this rally is to continue, this seems like a likely bounce point. Not only is this a high volume node on the volume profile where the most trading has occurred since the breakout, it is also sitting on the 10-day EMA. This represents a 20% pullback from last week's highs, and I would like to see buyers step in here if this stock is truly under accumulation. I do not expect to see SOUN go below 4.00. If shares break below 3.90, I will likely begin exiting my position. If you do not own the stock, this is a decent place to buy in on a pullback. If you bought the breakout, however, this is a way to "press" the trade and risk some of your profits to see if this can be a monster win.
NASDAQ:SOUNLong
by rossgivens
2
Long Trade in UUnity is a big player in the metaverse space since the company specializes in real-time 3D content. The company is also deep in AI development which is a space I want as much exposure to as possible. The stock has had a hard time getting above the $43 level, but the recent surge in volume looks like the fuel it needed to power to new highs. If you zoom in on a daily chart, you will also notice a cup with handle pattern forming here. The big clue for me is the volume. Look at the big surge of activity as the stock ramped up the right side. There is a huge appetite for this stock which is unsurprising given the AI theme of the current bull market.
NYSE:ULong
by rossgivens
Pullback Buy in CRWDThis cybersecurity stock has been a top performer in 2023. After a vicious Stage 4 downtrend that wiped out 70% of its value in the 2022 bear market, CRWD has come ripping off the low this year. It reclaimed its 200-day moving average last month and continues to advance higher. The dashed line on the chart above shows a key support/resistance level in CRWD. The stock found resistance here earlier in the year and it has so far served as support after getting above the 200-day. The stock is also sitting on its 50-day moving average which should serve as additional support. I would consider buying here with a stop just below the 200-day line at $133. This would represent a 7% risk on the trade.
NASDAQ:CRWDLong
by rossgivens
Breakout Trade in SOUNI’ve had my eye on this stock for months. SoundHound is smaller, off-the-radar AI stock. The company owns several patents involving voice-recognition technology. If you drive a Dodge, Chrysler, Jeep, Hyundai, Kia, Honda or Mercedes-Benz, you are probably using their software already. HOUN ripped higher to start the year, but it got overcooked and settled back in the $3 range. It has been forming a base for the last four months with resistance near $3.35, and the stock is now trying to breakout higher. Notice how the volume bars mimic the action from the price candles. Volume climbs as the stock moves higher and declines as price comes down. This is exactly what we want to see. It shows the aggressive action is on the buy side and bulls are in charge. I want to see this stock stay above $3.25 and remain above the base. Traders may consider buying on a pullback into the $3.50-$4.00 area.
NASDAQ:SOUNLong
by rossgivens
Long Trade in DNUTWho makes the best donuts on Earth? Don’t you dare say Dunkin’. Krispy Kreme is king, and I won’t hear anything to the contrary. Regardless of who makes your favorite cream-filled pastry, take a look at the weekly chart of DNUT above. This setup is fairly straight forward. The stock has not been able to breach the $16 level despite several attempts over the last six months. A close above $16, especially on above average volume, would be my trigger to buy. DNUT is beginning a new Stage 2 uptrend here, and buying the first breakout of the second stage can often lead to a multi-month run. As a longer-term trade, I would consider risking up to 15% on it. If it plays out as expected, DNUT should make new all-time highs.
NASDAQ:DNUTLong
by rossgivens
Breakout Trade in HIMSHIMS is another high growth name. Sales have nearly doubled in each of the last four quarters and losses are steadily declining. HIMS stock got overcooked after rising 195% between October and May, triggering a 30% retracement. This stock also has an “undercut & rally” setup forming. Note the dashed line on the chart above. This was a significant area of resistance previously, so the move below this level last month likely took out a lot of investors. Shares have consolidated in a tight range on low volume for the last two weeks. This is likely support buying as longer-term investors build or add to their positions. I want to see a move above the support/resistance line at 9.50. A move above that price would be my buy trigger. My stop loss would be at 8.70 to risk 8% on the trade.
NYSE:HIMSLong
by rossgivens
Long trade in ONONUBS analysts doubled down on its bullish view on the stock today. They have Buy rating on ONON and a price target of $42. Shares are up 5% today on the news. This stock has been a favorite of mine for several months. It went public in late 2021. It performed great initially. But the 2022 bear market gave it a beating. ONON has more than doubled off its 2022 lows and the company is growing sales at an astounding 80% quarterly rate. Shares dipped below the 50-day moving average (red line on chart) in May and did an “undercut & rally.” This is where a stock will breach a previous support area triggering thousands of stop losses and taking investors out. Institutions often buy here and drive the price back above support (dashed line on chart) to continue the move higher. Investors may consider buying here with a 10% stop loss near 27.25.
NYSE:ONONLong
by rossgivens
Long Trade in MUMicron is a semiconductor stock riding some of the momentum from yesterday’s earnings beat at Nvidia. Notice the textbook breakout pattern that has formed over the last three months – a series of shallowing retracements with resistance at $64. The 200-day moving average is finally turning up and other MA's are properly stacked and trending higher. This is the first breakout into a new Stage 2 uptrend which is exactly where I like to buy. Look to build a position in the mid $60s if possible. The trade sours if it closes below its 50-day moving average (red line on chart) which is currently around $62 and rising.
NASDAQ:MULong
by rossgivens
Long Trade in FNKOFunko took a beating in last year’s bear market, but the stock is quickly coming back to life. FNKO surged on earnings last week and has given back almost none of the initial move. Shares are barely retracing and doing so on minimal volume – a sign that no one is selling. This trade is pretty simple – draw a trend line and buy when it breaks above it. I forgot to publish this on Friday, but Monday's action is pretty much exactly what I was hoping to see. A good breakout should not retrace to the low of this consolidation (currently 10.74), so you could take a stab at this one with very little risk.
NASDAQ:FNKOLong
by rossgivens
Long Trade in DDOGDatadog is trying to put end to what has been a vicious Stage 4 downtrend. The stock fell 68% in last year’s bear market but is now rising quickly off the lows. DDOG has reclaimed its 200-day moving average (white line on chart) for the first time in over a year after reporting better-than-expected earnings numbers last week. The stock has stalled just under $90 per share where it has seen resistance previously. I would like to see the stock consolidate for a few days in this area (yellow triangle) to digest any sellers and then break out to new highs. A move through $90 on above average volume would be buyable for me.
NASDAQ:DDOGLong
by rossgivens
Pullback Buy in TGTXBiotech stocks can make huge moves, and this one is no exception. TGTX more than doubled in a month and is showing no signs of slowing down. Slower-trending, blue chip stocks tend to ride their 50-day moving average (red line on chart) on the way up. Stronger stocks tend to hold their 21-day moving average (blue line). But with high-flying honey badger stocks like TGTX, you are lucky to get a pullback to the 10-day (yellow line). TGTX touched its 10-day exponential moving average on Friday, making this the first real pullback buying opportunity since the initial surge. I would consider buying here with an 8-10% stop loss.
NASDAQ:TGTXLong
by rossgivens
Long Trade in ONONOn Holdings, the maker of OnCloud tennis shoes found on soccer moms everywhere, is one of the hottest stocks in the market right now. It went public in 2021, just in time to get hammered in the bull market. But shares have come back with a vengeance. ONON has already doubled this year and is making new all-time highs as I write this. Notice the textbook consolidation pattern followed by a pocket pivot breakout through resistance. This is healthy action and exactly what we expect from stocks under institutional accumulation. We have a little time before this one reports earnings. The announcement is scheduled for a week from Tuesday on May 16th before market open. If I had a profit cushion of at least 10%, I’d probably hold this one through the report.
NYSE:ONONLong
by rossgivens
Long Trade in CELHThe energy drink maker has always been a mover. The stock trends well and routinely makes 50% moves in a few weeks or months. The stock was a big leader in 2022 and actually rose more than 100% in the middle of the bear market. It has since pulled back but it is again showing a lot of strength. Shares ripped through the 200-day moving average to reclaim their long-term uptrend on heavy buying volume. And after three inside days, it pushed to new highs on Friday. CELH reports earnings Tuesday after the close. All signs point to them beating expectations, but I still wouldn’t risk the farm on it. I would prefer to buy Wednesday morning on a small gap higher.
NASDAQ:CELHLong
by rossgivens
4
Long Trade in HIMSHIMS has been a market-leading stock for several months. It has tripled since October and is now consolidating at all-time highs before its earnings announcement. The company is scheduled to report after market close on Monday, 5/9. If I were a gambler, my bet would be that they beat and surge higher. Personally, I’m not willing to risk it which is why I recently covered my position in HIMS for a quick profit. But if Monday’s numbers are good, I will consider buying back in on Tuesday morning.
NYSE:HIMSLong
by rossgivens
Long Trade in IRDMIridium Communications is a telecom stock in a clear uptrend. Shares have more than doubled over the last 12 months with clear support at the 50-day moving average. The dashed white line on the chart highlights the area I have been watching - the HKEX:62 price level. This has been a key area of support and resistance and a likely place for IRDM buyers to step in and support the stock. The 50-day moving average is here as well which should give additional support. This is buyable here with a sell stop at $60.
NASDAQ:IRDMLong
by rossgivens
Long Trade in CARSCARS is setting up for a breakout above $20. The 2021 high for the stock was 19.07 set the month before the bear market started. This level was finally eclipsed last month. CARS is not consolidating on tightening price action through a series of shallowing pullbacks. A strong move through the 20.10 pivot point would be a buy trigger for me. You could work a stop at 18.60 just beneath the recent low. This coincides with the 50-day moving average which has served as support for most of the current move.
NYSE:CARSLong
by rossgivens
Breakout Trade in VNTVontier is an industrial machinery company setting up in a textbook breakout pattern. After surging more than 50% off the October lows and reclaiming its 200-day moving average, shares have consolidated in a series of shallowing pullbacks. Retracements have tightened from 11% to 7% to just 4.5% with resistance at 27.50. Look for a breakout above 27.60 on above average volume as the entry trigger. My stop would be just beneath the swing low at 26.15 to risk 5% on the trade.
NYSE:VNTLong
by rossgivens
Long Trade in DKNGThe leisure gaming group, as a whole, is setting up in a textbook breakout pattern. Group moves like this can be powerful. The combination of a group move and a similar pattern from an individual stock within that group can lead to a strong advance higher. DraftKings is breaking out of a clean base in the beginning of a new Stage 2 uptrend. If you look at a daily chart, you'll see the stock is up 13% this week but running into longer term resistance. Ideally, DKNG would consolidate for a few days in the HKEX:21 - HKEX:22 range to absorb any supply from sellers looking to exit near 52-week highs. There are 2 places I would consider buying this stock… First would be a breakout to new highs above HKEX:22 on above average volume. This would signal to me that funds are still buying heavy, and I would want to be along for the ride. The other potential buy point would be a pullback into the moving averages and this week’s breakout area. At HKEX:19 - HKEX:20 a share, I would be a buyer in DKNG with a sell stop just beneath the 50-day moving average.
NASDAQ:DKNGLong
by rossgivens