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In light of Monday's volatility, here are five stocks to watch this week according to VantagePoint, a platform that uses artificial intelligence and Intermarket analysis to predict price movement.
What's On The Charts
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- Each candle on the following stock charts represents one day of trading action.
- The black line on the chart is a simple 10-day moving average.
- The blue line is generated via the AI in VantagePoint's intermarket analysis. It forecasts what the moving average will be 48 hours in advance.
- As you can probably tell, shaded areas of the candle chart represent whether the stock is in an uptrend or downtrend.
A trend shift is represented by the two lines crossing. As long as the two lines don't cross, the current trend remains intact.
- The red/green bar below the candle chart is a Neural Index. It determines whether a stock will move higher or lower in the coming two days.
This Week's Stocks To Watch
Netflix
It didn't take long after February's flash correction for Netflix, Inc. (NASDAQ:NFLX) to get back to its bullish ways. The stock had a bullish breakout on Feb. 15, a day after news broke that the streaming giant had hired famed TV producer Ryan Murphy to a production deal worth up to $300 million. From there it's been all upside, as the stock rose 17 percent in the ensuing four weeks.
Interestingly, the stock has gotten closer to a reversal in the last four trading days. You can see that both in the price action and in the Neural Index that has been mostly red since March 6. As long as the two moving averages on the chart do not crossover, this bullish trend remains intact.
Micron
Micron Technology, Inc. (NASDAQ:MU) is another stock that's been on fire of late. Since having a bullish crossover on Feb. 13 the stock is up over 42 percent. You can see via the gray candle on the far right of the chart (the stock's predicted range for Tuesday) that Micron is expected to hold up through this volatility. The Neural Index is green, and the two moving averages have not crossed, so all signs point to further upside on this one.
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Seagate Technology
Seagate Technology PLC (NASDAQ:STX) held up in Monday's session, and according to the chart appears to be firmly in a bullish trend. The stock is up about 16 percent since a crossover to the upside in mid-February.
Sarepta Therapeutics
Sarepta Therapeutics Inc (NASDAQ:SRPT) had a bullish crossover on Feb. 17, but was followed by two weeks of short-term weakness (which held the stock flat). But after the company announced they were seeking accelerated approval for its second Duchenne Muscular Dystrophy drug on March 12, the stock broke out. Since then the two moving averages have only diverged further, indicating further upside, and the Neural Index has been nothing bug green.
Rambus
Rambus Inc. (NASDAQ:RMBS) was stuck in a clear downtrend for most of February. But on the 20th we had a crossover, where the predicted moving averaged crossed above the lagging 10-day moving average. That indicated a change in trend, after which the stock has risen 12 percent.
Watch the full Hot Stocks Outlook below
About the Hot Stocks Outlook
The Hot Stocks Outlook is a weekly series. It’s designed to show traders how improving their timing is the key to maximizing gains and minimizing losses. VantagePoint Trading Software identifies trend reversals with up to 86 percent accuracy, helping traders get into the right side of trades at just the right time.
VantagePoint is an editorial partner of Benzinga. For a free demo click here.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.