#1 Runner

by | Mar 24, 2024 | Market Lessons

Hey traders, it’s Matt here.

Bryce shared a watchlist yesterday full of last week’s runners. I suggest you take a look to fully prepare for Monday’s volatility.

But I’m focused on one stock in particular …  It’s a multi-day runner that pushed to new highs on Friday, March 22.

When the market opens on Monday, there will be volatility. The only question is which direction. To build the safest position, it’s important that we REACT to the price action instead of PREDICTING it.

Nothing is a 100% guarantee in the market. Wait to determine Monday’s price direction and then use it to plan an entry.

Like I said, my #1 stock is already a multi-day runner. And the price action from the last few weeks can offer a lot of good insight. Especially the breakout level at $4.50.

Past resistance can become future support. Now that the stock broke out over $4.50 resistance, that level will act as potential support for the price to bounce off of.

You’ll see on the chart in today’s post.

Veritone Inc. (NASDAQ: VERI)

The company held a bullish earnings call on March 12 during after hours. Prices spiked 150% over the next few days and then dipped.

Until March 19 when the company announced a new AI partnership with WSI Technologies to automate public recorder requests for law enforcement. In the next few days it moved toward the breakout level at $4.50 and surged past it on Friday, March 22.

Take a look at the chart below, every candle represents 5 minutes:

VERI chart multi-day 5-minute candles Source: StocksToTrade

I don’t know which direction it will go on Monday.

But I do know that this is one of the best setups to watch right now.

  • It reported bullish earnings. That’s a solid catalyst for a penny stock. Usually these companies have barely any revenues.
  • There was a more recent follow-up AI catalyst that pushed prices to new highs.

Pay attention to support and resistance while planning a trade this week. Those levels are some of the best tools we can use to profit.

And remember, you don’t have to learn this alone.

I’m Hosting Live Streams

I know what it’s like to start from the bottom.

No one starts with this knowledge already in their brain. Penny stock trading is foreign to almost everyone.

This is where small-account traders can grow wealth:

We trade cheap stocks for big percent gains. The low price helps us load up on shares. And the percent gain helps us grow our position value.

Trading blue chip stocks, people might pay $100 per share for a 4% move.

Trading penny stocks, people might pay $3 per share for a 20% move.

Notice the advantage of this strategy for small account traders.

Watch it happen live.

When I started, trading live streams were one of the most helpful tools. I got to watch professional traders operate in the market LIVE. Now you can do the same!

I explain my thought process in real time as we follow the best setups for small-account traders.

And the volatility starts again tomorrow. Good luck on Monday … 

I’ll see you in the chat!

Cheers,

Matt Monaco

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