Breakout Stocks of Week 48
NASDAQ was up last week (week 47) by 1.24% ending at 16,057.44 points after gaining 196.48 points during the week. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are ProShares UltraPro QQQ NASDAQ:TQQQ. This stock has had a buy signal since Nov 16, 2021 when the price was $168.82 , but have so far fallen -47.54% to $88.57. Some other companies are on our watchlist to, among these are FaZe Holdings Inc. NASDAQ:FAZE Warby Parker Inc. NYSE:WRBY Meredith Corporation NYSE:MDP and Bridgetown Holdings Limited NASDAQ:BTWN which all got a breakout pattern emerging.
| Date | Company | Price | Week 48 |
|---|---|---|---|
| Proshares Ultrapro Qqq | $88.57 | $80.42 | -9.20% |
| Faze Holdings Inc. | $10.67 | $10.35 | -3.00% |
| Warby Parker Inc. | $55.39 | $53.32 | -3.74% |
| Meredith Corporation | $58.90 | $58.90 | 0% |
| Bridgetown Holdings Limited | $9.97 | $9.87 | -1.05% |
The TQQQ ETF price gained 1.69% on the last trading day (Friday, 19th Nov 2021), rising from $87.10 to $88.57. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 2.02% from a day low at $87.66 to a day high of $89.44. The price has risen in 6 of the last 10 days and is up by 3.86% over the past 2 weeks. Volume fell on the last day by -22 million shares and in total, 65 million shares were bought and sold for approximately $5.46 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
TQQQ holds several positive signals and is considered to be a good choice at current levels. We expect the ETF to perform very well in the short term period.
About ProShares UltraPro QQQ:
The investment seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the NASDAQ-100 Index®.
The fund invests in securities and derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as three times (3x) the daily return of the index. The index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on the NASDAQ Stock Market. The fund is non-diversified.
The FaZe Holdings Inc. stock price gained 1.62% on the last trading day (Friday, 19th Nov 2021), rising from $10.50 to $10.67. During the last trading day the stock fluctuated 2.47% from a day low at $10.53 to a day high of $10.79. The price has risen in 6 of the last 10 days and is up by 2.99% over the past 2 weeks. Volume fell on the last day by -237 thousand shares and in total, 783 thousand shares were bought and sold for approximately $8.35 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
FaZe Holdings Inc. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
The Warby Parker Inc. stock price gained 2.27% on the last trading day (Friday, 19th Nov 2021), rising from $54.16 to $55.39. During the last trading day the stock fluctuated 4.58% from a day low at $53.75 to a day high of $56.21. The price has been going up and down for this period, and there has been a -6.91% loss for the last 2 weeks. Volume fell on the last day by -2 million shares and in total, 743 thousand shares were bought and sold for approximately $41.18 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Oct 03, 2023, it was reported that Evercore ISI gave WRBY a "Outperform" grade with a "upgrade" action.
Warby Parker Inc. holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
About Warby Parker Inc.:
Warby Parker Inc. provides eyewear products. It offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, and contact lenses, as well as accessories, including cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray. The company also offers eye exams and vision tests directly to consumers through its retail stores, website, and mobile apps. As of May 16, 2022, it had 160 retail stores in the United States and Canada. The company was formerly known as JAND, Inc. and changed its name to Warby Parker Inc. in June 2021. Warby Parker Inc. was incorporated in 2009 and is headquartered in New York, New York.
The Meredith Corporation stock price gained 0.0680% on the last trading day (Friday, 19th Nov 2021), rising from $58.86 to $58.90. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.358% from a day low at $58.73 to a day high of $58.94. The price has risen in 7 of the last 10 days and is up by 1.2% over the past 2 weeks. Volume fell on the last day by -510 thousand shares and in total, 39 thousand shares were bought and sold for approximately $29.83 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Feb 22, 2022, it was reported that Raymond James gave MDP a "Outperform" grade with a "initialise" action.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Meredith Corporation stock to perform well in the short-term.
About Meredith Corporation:
Meredith Corporation operates as a diversified media company that focuses primarily on the home and family marketplace in the United States. It operates in two segments, Local Media and National Media. The Local Media segment consists of 16 owned television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 1 independent station, as well as 1 operated television station. This segment also includes 13 Websites, 13 mobile-optimized Websites, and approximately 40 applications focused on news, sports, and weather-related information. The National Media segment publishes magazines for women. This segment publishes approximately 20 subscription magazines that include Better Homes and Gardens, Parents, Family Circle, Allrecipes, Rachael Ray Every Day, Martha Stewart Living, Shape, and FamilyFun, as well as approximately 140 special interest publications under approximately 90 titles. Its portfolio also includes approximately 50 Websites, 30 mobile-optimized Websites, and 15 applications. In addition, this segment offers digital and customer relationship marketing services, such as specialized marketing products and services to America's companies. Further, it is involved in the provision of a consumer database, as well as custom content; and brand licensing activities and other related operations. The company was founded in 1902 and is headquartered in Des Moines, Iowa.
No changes to the price of Bridgetown Holdings Limited stock on the last trading day (Friday, 19th Nov 2021). During the last trading day the stock fluctuated 0.452% from a day low at $9.95 to a day high of $9.99. The price has risen in 5 of the last 10 days and is up by 0.61% over the past 2 weeks.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Bridgetown Holdings Limited stock to perform well in the short-term.
About Bridgetown Holdings Limited:
Bridgetown Holdings Limited does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the technology, financial services, or media sectors. The company was incorporated in 2020 and is based in Central, Hong Kong.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
