Here’s another edition of our chart-based weekly with our FinTwit friend Rhum.
Every week he breaks down charts from some of the hottest tickers out there. These charts will show you some of the most hyped-up names of the week, and maybe even a few that might be good buying opportunities.
If you like the charts, don’t forget to support Rhum and his blog for his hard work and don’t hesitate to send in any chart requests either.
PTON – Bears Rule Out
After a period where Tesla cooled and Casper flopped on their IPO, another pseudo-tech company appears to have hit a wall.
Investors clearly weren’t happy with last week’s earnings. Peloton bears have overpowered the bulls with the uptrend now broken. Wait for the appropriate buy-signals before trying to play this – no need to try and catch falling knives.
SX – Penny Stock with Pop?
St-Georges (CSE: SX) is an exploration and development company with projects in Canada and Iceland across a variety of metals. A true penny stock, the company has been on a slide over 2019.
Watch for an RSI cross to indicate a small pop could be due. However, with a general downward slide over 2019, play this trade carefully.
IZO – Volume Step Change
Clearly, investors are bullish on Izotropic (CSE: IZO), a company that produces and sells a novel breast cancer screening device. Volume skyrocketed last week, with bulls pressuring the near term resistance line.
With the downtrend clearly broken, this could be an interesting play if the bulls continue with strong volume.
GSX – Renko’s Suggest Downtrend Breaking
Canadian-based Goldsource Mining (TSXV: GSX) is a gold miner with a development project in Guyana. While the project is very early stage, the chart is suggesting an uptrend is in the making.
CANN – Bullish Signs Appear
While the entire cannabis sector has been struggling, Heritage Cannabis (CSE: CANN) may be set for a bullish run.
With some bullish signs starting to show, this could be an interesting play for traders. However, they should be cautious, this is a big week of earnings for the industry, and a small player like CANN could be washed out by bad results.
