Market review from UTEX – week 8
The market is slowing down, crypto is speeding up. Here are five trading ideas!
Last week the markets closed slightly negative, with indices losing about 1% on average.
Bitcoin broke through the $50,000 mark and is consolidating above these values. Ethereum went beyond $2,900 and is aiming for the psychologically important $3,000 mark. Altcoins have also risen nicely. The market is waiting for the approval of spot Ethereum ETFs at the end of May.
On Wednesday, the Federal Reserve will publish the minutes of the Federal Open Market Committee meeting. So far, the consensus for the start of the rate cut is June.
American markets are closed today – the US is celebrating Presidents' Day. Most companies have already reported. Now everyone is looking forward to the NVDA report, which will be released on Wednesday after the close and to which we will dedicate a separate post.
This week's top 5 stocks
Palo Alto Networks (PANW). Report on 20 February after the close. One of the world's leading cybersecurity companies. Steady upside on the chart, no reason to short yet. Support at the $340 level.
Analog Devices (ADI). Report on 21 February before the open. The maker of integrated circuits. The stock has been walking in the $180–$200 channel since early December. If it breaks to the upside, it's strictly a long. If it opens below $180, it's better not to short in the current market condition.
Block Inc (SQ). Report on 22 February after the close. A company that develops solutions for accepting and processing electronic payments. The stock has been in a downtrend for the past two years, but after the November report, a reversal is in sight. Support at $60 and a very strong resistance level at $80.
Moderna Inc (MRNA). Report on 22 February before the open. Biotech company. In the days of COVID-19, the stock was as high as $450. Now it is five times cheaper, but it is still highly volatile on reports. The direction is hard to predict, but the move could be good.
Intuit Inc (INTU). Report on 22 February after the close. The company develops financial software for businesses. The chart is aiming for its all-time highs of late 2021. Profit taking at current levels is possible. But given the popularity of the technology sector, be careful with shorts. It is better to wait for the report.
Profitable trading!
