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Saturday, September 05, 2020 

Some trade ideas for the week ahead

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Tesla, Inc. (NASDAQ:TSLA) Yesterday I took a long position around the 379 level and was expecting to hold into next week but exited with a small profit in after-hours because the company was excluded from a group of companies being added to the S&P 500, something that honeslty i think nobody was expecting. From a technical standpoint, the stock has been in a beautiful up-channel over the last five months, nearly quintupling its value  since mid-March. However, in the short-term, we are seeing some bearish signs which indicate that the price is set to retrace if bulls don't manage the situation. The stock has a strong support around the 350 area (lower band of the up-channel), only a break of this key support will indicate the willingness of sellers to continue the decline to 300. For this scenario to develop, a noticeable weakness of the Tech sector is required. I will continue to trade it accordingly.

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Blackberry (NYSE:BB) On a daily timeframe, it looks like the stock could be forming a cup-and-handle pattern nearing the end of completion. After it broke higher late in May, it spiked higher to a high of 5.84 then the stock pulled back to near the 4.50 level and began a rounding bottom formation back towards the highs. Last week the stock retraced back to near the 4.80 and appears to be currently putting in the handle portion of the cup-and-handle formation. Typically, the stock goes up when the handle is formed. Let's wait and see. The pattern is only confirmed once the price breaches the neckline. Long setup on watch.

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Cemtrex Inc (NASDAQ:CETX) is currently forming a large falling wedge pattern indicated by the two non parallel yellow lines in the chart above, with resistance at about $1.25 while the accumulation line is rising. Watch closely on CETX because a breakout from the current chart pattern will trigger a big move for the stock. As I tweeted yesterday, I took a long position on Friday.

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CBAK Energy Technology Inc (NASDAQ:CBAT) had a big day on Friday, testing resistance in a move up 6c, or 9.7%, to 72c on decent volume. Tesla's Battery Day event will take place on September 22, so it's certainly expected that volume and price will rise into the event. Watch for a break of the 75c level to further accelerate prices. I have been accumulating the stock in anticipation.

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Boxlight Corp (NASDAQ:BOXL) has had a hard time with this resistance, but may be ready to move higher. The level which the stock may have trouble moving above, is at $1.86. It would need to break above that level to run to $2.68. MACD is curling up and the Slow stochastic is showing positive crossover, signs that support the bullish expectations. The reversal seems especially likely to continue. Long setup on watch.

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Polar Power Inc (NASDAQ:POLA) is another stock I'm watching closely. It can pop big time on any positive news. After drifting for weeks, the stock price seems to have found a bottom. Friday’s high was $1.67, which is resistance for the follow through move. If the stock can break through this level next week, expect to see heavy volume drive the stock higher. Next major resistance lies at 2.05

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Co-Diagnostics Inc (NASDAQ:CODX) was also added to my watchlist as a possible bottom bounce-play. The daily technical chart is displaying positive divergences on momentum indicators and with the stock in extreme oversold territory, these are the perfect conditions for a short-term rally. On watch.

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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.

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About Me

  • I'm a 48 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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