As I have done for much of this stock market recovery rally, I am looking for laggards/catch-ups and bottom pattern makers. I get fundamental research primarily at SeekingAlpha, which is of course contrary indicator central in many ways.
But I find the the premium stock research service, which I receive for free as a SA contributor myself, quite useful to let actual stock analysts do the detail work (I could personally think of nothing more boring than fundamentally researching individual stocks, much preferring top-down macro) and allow me to consider it along with my charts.
Long story short, I took a shot on another “bull stock” with beaten down darling, AAPL today and you have seen several others in the past, from ZS to CVNA to currently held ASML and ALAB.
Today, here is another one that got my attention. I am actually a customer of Square (Block) with NFTRH’s credit card subscription option, so there is familiarity that way. More than that, the SA analysts have identified several new avenues of business for Block, including Bitcoin/crypto.
But “the chart” I say, “the chart!”
Okay, the daily chart shows a break up and out of a pattern, a retest and a renewed move up along the EMA 20. In other words, a thus far successful test of the breakout. The top of the pattern (strict) or the rising SMA 50 (more lenient) can be used as a stop loss. There is a gap down by the SMA 50.
The price is looking up at clear resistance at the SMA 200 around 72 and more where a gap would fill around 82. Finally, the pattern measures to 94. I am going to give it a shot.
NFTRH+ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
