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Friday, July 03, 2020 

Trade Ideas for the coming week - Happy 4th of July !!

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Cinedigm Corp (NASDAQ:CIDM) had a great move on the upside and closed at $2.09 on Thursday. The stock is setting up to break out and has one more level to go, which is $2.40. It could be a good short squeeze opportunity on any positive news. From a technical perspective, key momentum indicators are showing clear signs of turning around. The 4h MACD is negative and below its signal line, but trying to move up and the 4h RSI has climbed out of its oversold zone. Watch the stock next week, because once it breaks through, it will run fast.

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Genius Brands International Inc (NASDAQ:GNUS) seems to have broken out of a major horizontal resistance on heavy volume that targets a move to 5 in the stock. Technically, the stock is in a bull market and showing signs of wanting to move higher. All three short-term EMAs have started moving up. Thursday’s intraday high of 3.95 is the highest level the stock has touched in more than two weeks. You want to keep GNUS on your screen for Monday’s trading.

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JAKKS Pacific, Inc. (NASDAQ:JAKK) another entertainment play to watch next week. This stock has just started moving higher and established a short term up-trend. Momentum indicators are slightly bullish now with RSI inching away above the extreme oversold level. The strongest sign of a bullish momentum is the MACD indicator which has just started to increase. The ADX is also showing positive signs on the stock. Price is expected to at least rally the next resistance at 92c and even go higher to test the next resistance level at $1.05. The forecast is valid only if the price of JAKK stays above 70c. I took a long position.

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Shiloh Industries, Inc. (NASDAQ:SHLO) traced out a nice setup and the upside breakout has a lot of power. Volume surged and this breakout looks like it is here to stay. There looks to be good upside in SHLO, so keep it on your radar the next few days.

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Electrameccanica Vehicles Corp (NASDAQ:SOLO) is bullish with a lot of hot indicators showing up. The slope of the recent upward move is very steep accompanied by increasing volume. The stock closed at $3.13, up 80 cents (+34.3%) on volume of 129 Million. SOLO has a good looking stock chart and the price broke out from the horizontal resistance mark around $3. All indicators are in favor of an upward price movement. Key intermediate resistance for the stock however exists in the zone between $3.5 and $3.6. This momentum could push this stock much higher from here, so keep it on the radar with a SL at 2.60

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I believe that  Sunworks Inc (NASDAQ:SUNW) is poised to continue moving upwards. Thursday's pullback has probably attracted a ton of traders looking for an opportunity to jump into a stock that took a dip. In addition, there are several short and mid term technical indications suggesting that SUNW could make a move to higher levels. The accumulation on charts is huge. I like the daily time-frame for this stock and expect to see another upside move soon.

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Naked Brand Group Ltd (NASDAQ:NAKD) had a pullback into a strong support area and it held up reasonably well. I still like the chart of this penny stock and will watch the stock again on Monday. Resistance stays at 74c for the follow through move. Once it breaks this resistance level, we could see a quick increase in buying as momentum traders jump into this trade. I took a long position on Thursday for another swing trade.

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Workhorse Group Inc (NASDAQ:WKHS) closed the day gaining more than 9% to a new historic mark for stock at $20.91. The stock has been on one of the most amazing runs of this month. At the present level the stock is incredibly extended. Im bullish on WKHS, but in situations like this, I prefer to wait for a pull back rather than chase the market.

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InspireMD Inc (NYSEAMERICAN:NSPR) has printed a bullish Hammer candlestick pattern on Thursday. Maybe this is the right time to see a more significant rebound. A hammer is a type of bullish reversal candlestick pattern. The formation reflects buyers overtaking selling strength, and often precedes a continued rally in price.In addition, the technical daily chart is showing some bullish bias. Keep NSPR on your radar for a nice bounce in price. Note: This is a penny stock, so play accordingly.

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Shares of  SG Blocks Inc (NASDAQ:SGBX) are starting to heat up again and are worth watching. If volume can pick up I think this stock can break through resistance at $2.82 and re-test its recent highs around $3.36

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This was a stock that I was looking at before the big move (I tweeted about a potential bounce this week, et voilá). If Chembio Diagnostics Inc (NASDAQ:CEMI) can break out above $4.38 with heavy volume, I think the stock could shoot up to $5. There looks to be good upside potential, so watch the stock very closely next week.

During the day I tweet many times to my readers. I encourage everybody to subscribe AC Investor Blog twitter and newsletter, so you can receive my trade ideas and stock news in real time.

Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

Thanks for visiting AC Investor Blog.

AC

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  • I'm a 46 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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