Shopify (SHOP) potential long play
The e-commerce company rose nearly 5% after being upgraded to buy from hold by Deutsche Bank, which said brands are growing increasingly interested in Shopify.
Price action via the weekly chart view has formed an inverse head and shoulders pattern, testing the neckline area $43-44. A break above could open the door for a fast...
Price action consoldiating around 4000, forming a bullish flag pattern, subject to a breakout to the upside towards the next major resistance area 4100.
Snapchat (SNAP) possible short play
JMP Securities downgraded the company to market perform from market outperform, citing declining time spent on Snap and increased competition from Reels and YouTube shorts. Trading down over 4% today.
Late last year Snapchat (SNAP) reported a large slowdown, blaming inflation for its slowest revenue growth since going public...
ROKU potential short play
Nasdaq listed stock Roku shares dipped 1.8% in pre-market after Truist downgraded the company to a hold from a buy rating, saying that the streaming stock is hypersensitive to a tough macro environment given that a large chunk of revenues are tied to advertising.
Do people even use ROKU, we think it the offering is pretty lacklustre to...
Trading marginally higher today after an upgrade by Jeffries to buy from hold. The Wall Street firm, which also boosted its price target to $385 from $310, said the launch of its advertising-based offering and crackdown on password stealing will drive revenue and EBTIDA above estimates.
Technically, looking for resistance to be broken down at around $330, to open...
Uber has been pushing to the upside with thanks fundamentally after the rideshare platform was upgraded to overweight from neutral by Piper Sandler. The bank said increased car prices will push consumers to Uber and other rideshare platforms.
Technically, price action via the weekly has broken out of a flag pattern, eying a possible inverse head and shoulders pattern.
Uber possible long play (UBER)
Uber is trading higher today up over 5% after the rideshare platform was upgraded to overweight from neutral by Piper Sandler. The bank said increased car prices will push consumers to Uber and other rideshare platforms.
Technically, price action via the weekly has broken out of a flag pattern, eying a possible inverse head and...
Coty (COTY) buy potential shares of the beauty company have been on the rise, after being upgraded to overweight from neutral by Piper Sandler. Among the catalysts are Coty's increasing exposure to China, which should allow for recovery tailwinds, the firm said.
Technically, monthly price action has formed a bullish flag structure, a breakout observed....
Micron Technology (MU) short-sell potential:
Micron is under pressure today, trading down 4.70% after the chip maker reported a wider-than-expected quarterly loss and revenue that fell short of Wall Street forecasts. Micron's results were impacted by declining demand for electronics, and the company announced it will cut about 10% of its workforce.
Price action...
Nike longs!
Nike (NKE) has surged over 12% in the premarket after the athletic footwear and apparel maker reported better-than-expected quarterly results and raised its revenue forecast.
Price action has formed an inverse head and shoulders pattern, looking for the price to run back towards $150, as we look to break out of the bearish market structure via the weekly.
Head and shoulders pattern in view, price set to test the neckline area, anticipating a breakout to the downside.
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Price action has been largely trending to the north, thanks to a shift in USD momentum and a more hawkish ECB. Looking for this to continue to grind to the upside, with this swing trade idea.
Warner Music is trading up around 3% today following Atlantic Equities upgrading the stock to overweight from neutral. The firm said Warner Music has shown that it can continue to deliver growth in streaming despite a difficult economic backdrop.
Technically, I like and betting personally on the upside here, if we can break down supply at $34.90, then a run into $35.00
