Market Overview

Autodesk, SCANA, And 3 Other Stocks With Clear Trading Opportunities This Week

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Autodesk, SCANA, And 3 Other Stocks With Clear Trading Opportunities This Week

Below are five stocks to watch according to VantagePoint, a platform that uses artificial intelligence and Intermarket analysis to predict price movement. 

What's On The Charts

  • 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 Hot Stocks

Autodesk 

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Autodesk, Inc. (NASDAQ: ADSK) has broken out to all-time highs following its Q4 earnings beat (despite the fact that their Q1 guidance came in lower than expected). But as you can see from the chart above, the stock actually had a crossover to the upside in mid-February, indicating a bullish trend. This was succeeded by a bit of sideways movement, but since the crossover on Feb. 14, the stock is up over 26 percent. 

AMAG Pharmaceuticals 

amag.png

The chart above is a three-month chart of AMAG Pharmaceuticals, Inc. (NASDAQ: $AMAG). You can see the crossover to the upside also on Feb. 14—the same day they got FDA approval for Makena, a drug for women at risk of premature birth. Since then it's been all upside for shares of AMAG, as the stock is up over 48 percent. Note how far apart the predicted moving average (blue line) was from the actual 10-day moving average (black line). That indicates serious strength in the trend. But the two lines have recently converged, indicating this will be one to watch for a potential reversal.  

Newfield Exploration Co. 

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Newfield Exploration Co. (NYSE: $NFX) follows the same general principle, however this one doesn't seem to have a fundamental catalyst. Since having a crossover to the downside on Jan. 22, shares of NFX are down about 30 percent to continuous 52-week lows. The trend is forecasted to continue, as shown by the grey candle on the far right side of the chart above. Until the two lines on the chart cross again, expect the weakness in NFX to continue. It's also worth noting that the stock is approaching clear support at $20 from 2016 and 2013.  

Progenics Pharmaceuticals

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Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) has been on quite the bull run since Feb. 6, surely helped by its tremendous Q4 earnings report in which the company exceeded both EPS and revenue estimates. The stock had a crossover on VantagePoint a week later on Feb. 16, and is up 44 percent since. PGNX has filled its earnings gap down from last May, and appears primed for the $8.50 level from last April.

SCANA 

scg.png

The chart above of SCANA Corporation (NYSE: SCG) shows the last three months of activity, but the blue line is predicting where the moving average will be one day ahead. In this case, SCG had a bearish crossover on March 8, and is projected to have continued downside going forward. Note how the Neural Index at the bottom of the chart has also shifted from green (bullish) to red (bearish). 

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.

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