HT Weekend Watchlist - Trade Ideas for Next Week

Humbled Trader's Weekly Stock Picks & Market Update

October 06, 2024

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Notable: High short interest %

EVGO $7.20

  • Strong rally on this name after securing a $1.05B conditional loan from the US Department of Energy.

  • The stock broke out for two consecutive days and made new 52 week highs.

  • The KL to hold for the stock is the $7.50 area on the daily, which was also a major res area from spring 2023.

  • Staying neutral on this name, for now. If the stock can break above and hold KL, we could see this consolidate and move another leg up.

  • However, if the stock gets too extended, and breaks down said KL, we could see a decent retracement towards $7, $6.50s and below.

  • Position Disclosure: No Position

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Notable: Low float name

INDO $4.30

  • This is an energy sector small-cap name that often breaks out whenever there’s volatility in oil and gas prices. The recent breakout move is fueled by tension in the Middle East.

  • Key level for the stock to test is $4.60 area, which is an area that has been retested and failed numerous times in the last 6 months.

  • If the stock is unable to breakout of said KL, we could see a potential unwind back to $4s and $3.40s.

  • However, if KL keeps on supporting the price and the stock consolidates on the daily, we could see the stock rally another leg higher over $5’s.

  • Position Disclosure: No position

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Notable: Very low float

CHSN $14.81

  • This is a known Chinese stock that has been pumped and dumped in the past (check the December 2023 chart).

  • Afterhours on Friday the stock ran to over $40s, and settled around $12 at the end of extended hours trading. There were no catalyst that we could find pertaining to this specific company, however this could be rallying up along with other Chinese stocks.

  • This is a risky stock and not suitable for inexperienced traders. The float is low, while the spreads are high. This stock trades very thin at this price.

  • Staying neutral on this name, but be prepared for both sides. The KL to watch is the $15.8s area.

  • IF the stock opens weak but holds said KL, we could potentially see another trap and squeeze up higher.

  • However, if stock gaps up but quickly dives from green to red and breaks below KL, we could see a potential major unwind just like Dec 2023.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Capricor Therapeutics Inc ($CAPR) Capricor's FDA Plan for Deramiocel Lures Institutional Investors.
- How we traded: Former High-of-Day Long

- Occidental Petroleum Corp ($OXY) BMO increased target for $OXY from $65 to $70.
- How we traded: Backside Long

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Check out this trade recap that our coach, Orane, shared in our community chatroom!

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📣 Strong US Jobs Report Sparked Optimism For Rate Cuts

A strong U.S. jobs report for September, which revealed the economy added 254,000 new jobs—far exceeding the median estimate of 150,000—may lead the Federal Reserve to pause interest rate cuts in November. This increase marks the highest job growth since February, with revisions to previous months' numbers also reflecting stronger performance.

Following the report, U.S. stock futures rallied, and Treasury yields rose, indicating a shift in the bond market's expectations regarding aggressive rate cuts. The Fed now has the option to either cut rates by 25 basis points at their November 7 meeting or hold off until December.

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The Watchlist Emails are NOT trade alerts to buy or sell. We are not financial advisers. The above information is for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. We are merely sharing our opinion with no guarantee of gains or losses on investments. You accept our Terms and Conditions.