Hey, Ross here:
Welcome to another edition of Stock Surge Daily. Here’s an actionable trade idea to start your day.
Chart of the Day
Hims & Hers Health (HIMS) is another high growth name. Sales have nearly doubled in each of the last four quarters and losses are steadily declining.
Much like ONON, HIMS stock got overcooked after rising 195% between October and May, triggering a 30% retracement.
This stock also has an “undercut & rally” setup forming. Note the dashed line on the chart above. This was a significant area of resistance previously, so the move below this level last month likely took out a lot of investors.
Shares have consolidated in a tight range on low volume for the last two weeks. This is likely to be support buying as longer-term investors build or add to their positions.
I want to see a move above the support/resistance line at $9.50. A move above that price would be my buy trigger. My stop loss would be at $8.70 to risk 8% on the trade.
P.S. Would you like special trade prospects and potential market moves just like the above sent directly to your phone? Text the word ross to 74121.
Insight of the Day
The Fed will likely pause – but keep the option open for future hikes in an attempt to hold the market down. It won’t work.
Here’s what I expect will happen when the Fed concludes its monetary policy meeting today.
First, it will maintain rates instead of hiking – saying that it wants to monitor the effects of the previous rate hikes on the economy.
Second, it will try to leave the door open for future rate hikes – saying that inflation, while slowing, is still well above its 2% target.
I believe that once the Fed pauses, the final “brakes” on this bull market will be released…
And we will see incredible bullish opportunities in individual stocks (far beyond the broader index)
I’m highlighting some of these opportunities right here on this very newsletter.
But if you want to get ahead of the curve and get hold of these opportunities days before everyone else (plus much more)…
Just click here to see how (it’ll only cost you $5).
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
