It’s the same action that we’ve had for much of this week. Stocks press lower near the open only to recover by lunch and push higher in the afternoon. The gains aren’t remarkable, but the bulls’ resilience is something to take note of. The sector rotation underway also remains astounding. On that note, let’s look at a few must-see stock charts for Monday.
Remember, the U.S. markets are closed tomorrow for Good Friday.
Must-See Stock Charts for Monday #1: Invitae
Click to Enlarge
Above is the daily chart for Invitae (NASDAQ:NVTA) and below is the weekly. This morning on Twitter, I pointed out that NVTA could post a sweet bounce, but I didn’t think it would be this vicious.
Shares ripped off of the 10-week and 50-day moving averages, gaining almost 8% from today’s lows. This is definitely one to watch next week to see if the momentum can continue.
I would have loved to buy NVTA at $21, but over $22 and NVTA could be primed for more upside.
Click to Enlarge
Must-See Stock Charts for Monday #2: Blackstone
Click to Enlarge
Blackstone (NYSE:BX) delivered a strong earnings report and announced it will switch from a partnership to a corporation. Anyone ever own BX before? I have and waiting for a K-1 form that doesn’t usually come until April is a pain the you-know-what. Switching to a corporation will make sense for the business and potentially make its stock more attractive to investors. Plus it has a monster yield.
Could that cause a further breakout? Perhaps. Over $38 is encouraging for more upside, with long-term uptrend resistance not playing a role until the $40s. Below $38 and bulls may need to let BX reset. Above and it’s okay.
Must-See Stock Charts for Monday #3: Canopy Growth
Click to Enlarge
An explosive couple of days have put Canopy Growth (NYSE:CGC) back on the radar. But if the strong rally on Wednesday and Thursday proved anything to me, it’s how tough of resistance $38 is.
I’m watching CGC next week to see if the stock can pierce this level. If it can, it would be very bullish to see CGC find $38 as support. As long as it holds $44, CGC should be good on the long side.
Must-See Stock Charts for Monday #4: Union Pacific
Click to Enlarge
Better than expected earnings propelled Union Pacific (NYSE:UNP) to new 52-weeks high on Thursday. There sure are a lot of bearish calls out there despite so many names hitting new annual highs.
Anyway, as long as UNP stock holds $160 next week, the bull case still looks strong. A pullback to the 10-week moving average that holds as support can be bought, while a run to channel resistance is possible over the intermediate term.
Must-See Stock Charts for Monday #5: Pinterest
Click to Enlarge
The Pinterest (NYSE:PINS) and Zoom (NASDAQ:ZM) IPOs got off to a much better start than Lyft (NASDAQ:LYFT) did, currently up 30% and 75% on the day, respectively.
For investors, there a lot less volatile plays out there than these fresh IPOs. But if you have to play them, investors at least have the IPO day range to work with. A red-to-green open on Monday could draw in more buyers for PINS, while a push through the highs could ad even more momentum to the name.
If it’s too short term for you, don’t have any regrets about giving it more time to base. (Here are 13 things to know about the Pinterest IPO).
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long NVTA.
