$20+|20%+ Wk Friday 11/01/2024

by | Nov 1, 2024 | Swing Idea | 0 comments

Overall Sector and Industry Analysis

Datetime Analyzed: November 1, 2024 (EST)

In the recent analysis of various stocks, sectors such as healthcare, technology, and manufacturing have displayed varied performance trends. Notably, healthcare stocks like ADMA, ARGX, and NVRO have shown both consolidation and breakouts. The technology sector, characterized by stocks such as CDNS, GRMN, and TEAM, has seen a mixed bag of consolidations with a few notable upward and downward trends. Manufacturing-related stocks like GRMN and ZBRA have shown resilience with steady upward movements in the past 10 days.

Across these sectors, there has been a notable increase in volume and price volatility, with some stocks reaching new highs, such as CVRX in healthcare showing strong bullish momentum. Overall, the volume and price action in the last 10 days suggest cautious optimism with potential upward movements primarily in the healthcare and technology stocks which are leading the momentum.

Ticker Performance Prediction

For the next 2-3 days, the following stocks are likely to continue upward based on bullish momentum and volume surge:
– CVRX
– CVLT
– PEN
– MDGL

Individual Stock Analysis

CVRX

  • Support Levels: $14.65, $14.50, $14.25
  • Resistance Levels: $16.80, $17.20, $17.90
  • Price Action Prediction: CVRX displays a bullish flag pattern, indicating potential continuation towards the $17.20 mark. The surge in volume suggests strong investor interest.
  • Price Targets (1-3 day swing): $16.80, $17.20, and potentially $17.90, considering its daily ATR values.
  • Entry Point: Near $14.65, aligning with previous demand zones.
  • Stop-Loss: Place near $14.50 to mitigate downside risk.
  • Chart View: finviz dynamic chart for CVRX

CVLT

  • Support Levels: $155.50, $154.80, $154.00
  • Resistance Levels: $156.90, $157.50, $158.30
  • Price Action Prediction: CVLT has seen consolidation and is nearing a breakout. With support holding strong, an upward move towards $156.90 resistance is expected.
  • Price Targets (1-3 day swing): $156.90, $157.50; with potential for $158.30 on high volume.
  • Entry Point: Optimal entry near $155.50, a proven support zone.
  • Stop-Loss: Tight stop near $154.80.
  • Chart View: finviz dynamic chart for CVLT

PEN

  • Support Levels: $233.00, $232.50, $231.80
  • Resistance Levels: $235.00, $236.00, $237.50
  • Price Action Prediction: PEN is forming a base and looking to break above $235.00. Sustained volume could push it to higher resistance levels.
  • Price Targets (1-3 day swing): $235.00 followed by $236.00; an extended move to $237.50 with volume.
  • Entry Point: Consider near $233.00, providing a low-risk entry.
  • Stop-Loss: Placed at $231.80.
  • Chart View: finviz dynamic chart for PEN

MDGL

  • Support Levels: $317.00, $315.00, $313.50
  • Resistance Levels: $321.00, $322.50, $325.00
  • Price Action Prediction: MDGL is showing signs of breaking out after a consolidation phase, aiming for the $321.00 resistance level.
  • Price Targets (1-3 day swing): Target upwards towards $321.00 and $322.50, considering the current volume and ATR.
  • Entry Point: Suggested near $317.00, a previously tested support level.
  • Stop-Loss: Placed at $315.00.
  • Chart View: finviz dynamic chart for MDGL

These stocks show strong technical setups that align with the momentum strategy for the coming days, supported by strong price action and volume patterns. Always consider market-wide factors and adjust strategies accordingly.

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