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.
As usual, independent trader and technical analyst Roberto Pedone recently went over a few stocks he likes.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Opower
First off is Opower Inc (NYSE: OPWR), a small-cap cloud-based software provider that the analyst has included in his watchlist in several recent occasions because he loves the chart – he assures.
With earnings out of the way now, the company “looks ready to break out over $12 and make a run for that massive gap-down-zone from March that started near $15.50.” Pedone sees a short-squeeze coming if the breakout were to occur, as 19.5 percent of Opower’s 26 million float is sold short.
Support stands around the $11-$11.20 range, “but all we need now is a volume over $12 and then over its gap-down-day high right around $13 a share,” Pedone concludes.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Related Link: Pedone: Twitter, Alibaba Are 'Solid' Setups
eGain
eGain Corp (NASDAQ: EGAN) is another stock that has showed up in Pedone’s list several times; the analyst has repeatedly recommended being long.
Related Link: 2 Tech Micro-Caps This Expert Is Watching
“It looks like the company’s time is here” as a large private equity firm, Vector Capital Management, started a 9.7 percent position over the last few weeks, the trader says.
“That was the flow for those block trades that got me involved in this stock. I own this already, in case you're a new sub, and it's in the portfolio,” he adds. “This is another low float play with a small 14 million float, and now EGAN looks ready to fill that gap over $4.20 all the way back to $5.”
Parets concludes, if eGain plays out like A. M. Castle & Co (NYSE: CAS), then the stock could be in for a multi-day move. However, “first let's see EGAN clear $4.20 with volume and get some momo into February's gap-down-zone,” he proposes.
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.