It’s Trader Bryce here on a Saturday.
What a week it’s been in the markets! I love getting up in the morning, downing my coffee, and finding out which asset class is going for a rollercoaster ride.
It looks like crypto got jealous of last week’s index correction and decided to take a spectacular nosedive of its own.
If you hadn’t heard of Luna before this week, you can now remember it as the coin that could’ve turned $1 million into $8.58 in five days.
Had you invested $1,000,000 into $LUNA 5 days ago…
You'd currently have $8.58 left pic.twitter.com/BTgcBmSpPS
— Bryce Tuohey (@TraderBryce) May 12, 2022
Nobody wants that. Thankfully, all the benchmark indexes roared back into green territory on Friday. Fingers crossed that the action will carry over into Money Monday.
Let’s take a look at the tickers that look eager for take-off…
Forge Global Holdings Inc. (NYSE: FRGE)
Forge Global Holdings is still in play. We touched on this one a couple of weeks ago when it needed to break past $20 … and it did.
Forge is a fintech company that provides investor solutions in private equity and various other securities. And right now, it’s also a trader’s favorite ticker.
It’s been holding up well as a multi-day runner. It maintained its support price twice on Thursday, then stayed mostly flat on Friday. The 5-day chart shows its sideways action.
Now I’m looking for it to break the resistance level at $30. If it does, it could touch early May closing highs in the mid $32s or even mid $34s.
Blue Water Vaccines Inc. (NASDAQ: BWV)
Blue Water Vaccines is a biopharmaceutical company, developing vaccines that target various infectious diseases.
BWV announced an expanded license agreement with St. Jude’s Children’s Research Hospital on May 11, which brought some trading volume to the stock.
The company will present at the H.C. Wainwright Global Investment Conference on May 25th. This could become a catalyst leading up to the conference or generate attention once its presentation is released.
BWV has had strong resistance at the $7 level. There are warrants around that price point that could be holding it down. But if those warrants aren’t exercised, this is a top short squeeze candidate. It’ll need to break $7 and consolidate first before a potential massive push though.
Veru Inc. (NASDAQ: VERU)
Veru is the stock that keeps on giving and I don’t think it’s ready to stop just yet. It’s been on both Matt’s and my radar for a while.
Veru once focused on female health, expanded to treat a male condition, and then stepped into the COVID treatment arena. The COVID move sent the stock soaring well over 200%.
It then got favorable price targets from Oppenheimer and other analysts, setting expectations for it to reach the $25-$36 range.
VERU surged nearly 40% on Friday, but it still got pushed back from resistance at the $15 level. That said, it’s coming out of a base from its mid-April breakout, following a nod from the Food and Drug Administration (FDA).
A break of $15 on solid volume could send this stock to the moon once again.
Conclusion
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