Three stocks on the watchlist for the week are flat out winners; Canopy Growth (CGC), Twitter (TWTR) and Baozun (
The Watchlist – Winning Stocks
Canopy Growth, a Canadian based cannabis producer was added to the Leaders List yesterday. This is a swing position as it prints an obvious cup pattern minus a handle at this point. The stock triggered a break of its short-term descending wedge last Monday.
Baozun Inc. (BZUN) provides brand e-commerce service to brand partners in the People’s Republic of China. It offers end-to-end e-commerce solutions, including IT infrastructure setup and integration, sale of apparel, home, and electronic products, online store design and setup, visual merchandising and marketing, online store operations, customer services, warehousing, and order fulfillment
The MarketSmith chart shows relative strength line rising to 86, as price action heads towards overhead pivot resistance zones near the red horizontal line, 50 (+/-). The stock broke out of its flag pattern on Monday, extending its bullish trend. Earnings are several weeks out.
BZUN and CGC are trending, so follow-through is anticipated today. We’ll move our stops as bidders lift price action. Wait for the Opening Range for confirmation. We want to make sure buyers are present before starting or adding to this positions.
These Top 5 Stocks are on the IBD50 List this week. They are ranked by performance as of Monday’s market close.
Twitter (TWTR) finished near the highs of the Monday session. Volume is above average and the RS line is rising. We’ll move our stops higher, if TWTR, BZUN, and CGC follow-through today.
WWD, a previous watchlist candidate carried over into this week as it continues higher in early trading. The stock is +13.50 from its entry point on April 18. Take some profits off the table this morning before the Opening Bell. We’ll watch how the stock performs after the Opening Range.
Futures are mixed this morning, with Alphabet (GOOGL) off by a whopping (-103.20 pts/-8%) and pharmaceutical stocks higher. PFE and MRK beat. LLY results were mixed. Pharma stocks (IHE) may present an opportunity today.
Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we trade BZUN, CGC, and TWTR in addition to other new
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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
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These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.