Six in six! – August 6, 2021
IPR CLF ENPH CRWD FVRR COIN
I am going to do this “Free Chart of the Day Video” a little bit differently. I am going to show you six stocks, I am going to try to do it in under 6-minutes, we’ll call it Six in Six. These are stocks that are on the IBD 50 List, some of them are good, some of them are not so good; I just want to run through them.
IIPR ( NYSE: IIPR ), the way this stock is setting up I think it’s going higher. I have never seen a chart that looks like this where this turned out to be the top. I am sure there probably is one somewhere, but typically, this is a weekly chart, when I see this type of thing it goes for a while, it doesn’t just go down like that. This is kind of one of those things, where if you’ve got a little staying power and you can handle the wiggles and jiggles this can work for you.
On the daily chart it’s up a little high, this is why I drew this box, the only reason you would buy it right here, right now is if you thought this would never come back into the box where you would get an opportunity to buy it lower. So if you really think that the stock is just going to keep going this way without ever coming back into this box, then now is your time to buy the stock. For me, even if it goes up for another day or two, and it probably will, I would rather wait and get the stock where I don’t feel like I am chasing, because right now you kind of are chasing.
Next, Cleveland-Cliffs ( NYSE: CLF ), this is what you call a natural reaction. Mark Minervini talks about this a lot in his book. He’s a good guy, a heck of a trader, great books, I highly endorse. There are two out of the seven that are on my desk right now. This is a nice squeeze and then a breakout. Now, you expect a pullback and you just want to see the pullback hold, and it is holding. So this could actually be a secondary entry for you if you missed it.
Enphase ( NASDAQ: ENPH ) is kind of a similar thing as Cliffs ( NYSE: CLF ). They are all going to look a little different. But you can see here, the same kind of thing, where the stock was really squeezing. It was really, really squeezing tight and now it looks like it’s going to hold. As long as the stock stays above the 50-day moving average I think this is a stock that you can buy on a pullback.
You can see a nice uptrend, okay fine. And then it’s had this kind of a gentle little pullback and now it’s forming the right side of this space, you could even call it a low handle if you want, I would just call it, like that. And then this is what you are looking for. So Enphase ( NASDAQ: ENPH ), solar, it’s a green new deal with the infrastructure. All of these stocks should be doing pretty well.
Now, CrowdStrike ( NASDAQ: CRWD ). I goofed up, I put this on, we had a nice trade going but then I raised the stop too tight, barely got stopped out, that’s that. Now I am just waiting for a better opportunity. I think you definitely want to watch this stock.
This would be one of those that, frankly, if somebody said, find me a stock that I can buy right now, I would look at this and say, you know what? You could probably buy CrowdStrike ( NASDAQ: CRWD ) but just make sure you keep a stop definitely below this level here, below the 7/19 low. It really needs to hold above 250.00. I don’t think it’s at a right buying opportunity, at least let it get to 250.00 before you would take that.
This is easy ( NYSE: FVRR ), this is what it looks like when you are stubborn, this is what stubbornness looks like. If you are holding this stock now you are arguing with the market. Nobody ever benefited from doing that. If a stock is broken, let somebody else deal with it, get out of it. We had a nice trade on this but that was then, this is now.
The last one here, the pressure is on, 20-seconds left, Coinbase ( NASDAQ: COIN ). This is kind of like dumpster diving, more than anything else, you know what this is. The Federal Government, the Treasury, foreign governments, Chinese, all those guys over there, everybody wants to kill it but the stock is still hanging in there. This is one you could make kind of a speculative buy and look for that.
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