Market review from UTEX – week 23
Disappointment and surprise of the week – Salesforce and Notcoin. Picked 5 ideas for trading.
The major U.S. indices didn't budge for the week. Historically, May is not the best month for the market. Nevertheless, the S&P 500 closed it at +5%, the Nasdaq gained 7%.
The disappointment of the week was Salesforce, whose stock fell 20% after the report. Meanwhile, there is continued buying in NVIDIA, the company closed the week up another 5% to close at $1,100 per share.
Notcoin surprised, +250% to capitalization for the week! Bitcoin and Ethereum are consolidating at the same levels as seven days ago.
Friday will see the release of unemployment data for May.
There are very few reports left, the activity on the market is gradually decreasing. But we still picked 5 interesting ideas for trading.
NIO (NIO). Report on June 6 before the opening. Chinese electric car maker. Since the end of April there is a slight rebound – for sure many people bought at current levels for the mid-term. Hope for a good report and waiting for signs of a real reversal.
CrowdStrike Holdings (CRWD). Reporting June 4 after the close. The cybersecurity company is up 100% for the year. Even on a good report, there's a risk of profit taking.
GitLab (GTLB). Reported June 3 after the close. A service for code storage, version control, and collaborative software development. The stock lost 35% during the quarter. Judging by the daily chart, GTLB is looking to test old support at $40.
Lululemon Athletica (LULU). Reporting June 5 after the close. The Canadian sportswear retailer. Shares were up to nearly $520 in January, now down to $310. Strong support at $290–$300. Could try a long with a stop behind support.
DocuSign (DOCU). Reported on June 6 after the close. Digital Signature Platform. Paying attention to this company in December. After the report, the stock shot from $45 to $65 in a week, and the $65 level has never been broken since. Good support at $50, but also a serious resistance level at $61. The stock is trading in this corridor, on the way out of which you can buy or sell.
Good luck with your trades!
