‘To the Moon’ Watchlist: May 29, 2022

by | May 29, 2022 | Watchlists

Howdy, traders. It’s Matt here.

I hope your Sunday is going well. The last couple of trading days have felt like a blast from the greener past, and I’m here for that. 

While it’s still not my preferred trading environment (I’m picky, I know!), there are plenty of great opportunities for traders to take advantage of. 

We’re gonna take a look at a few stocks that proved themselves green at the end of last week, and keep an eye out for multi-day runner key price levels. 

Remember that Monday’s a holiday though! So enjoy your Memorial Day. Kick back with your closest friends and family, and remember to thank any and every member of the U.S. military you know for their extraordinary service. 

Here are the tickers to keep your eyes on once Tuesday morning rolls around…

Affirm Holdings Inc. (NASDAQ: AFRM)

Affirm continues to affirm itself in the markets. The buy-now-pay-later (BNPL) company that gained ample support because of its contracts with high-profile companies hit a rough patch along with other growth stocks recently. 

In late 2021, it hit a 52-week high of $176.65 and then slowly and incrementally declined from there.  

But it looks like the 52-week low of $13.64 that it touched this month was a bottom. The stock has slowly risen since and continued to close green on Friday. 

Look for a breakout above Friday’s close of $30.35 on Tuesday for a day or swing trade. It could potentially continue into the mid-$30s before facing resistance on the next leg up.

Avadel Pharmaceuticals PLC (NASDAQ: AVDL)

Avadel is a pharmaceutical company that markets products for the hospital and primary care spaces.

It recently saw its shares tumble significantly due to continued delays for its narcolepsy drug. But traders seem to have accepted its 52-week low of $1.05 put in this past Thursday as a bottom. 

At least for the time being. The stock shot up 133.64% on Friday, closing at $2.50. Is the sell-off overdone or will there be a double-bottom? 

Tune on Tuesday to find out. If it gets close to the $1 range again, it could be a great dip buy. If it breaks out past $2.50, then it’s a breakout play.

Imperial Petroleum Inc (NASDAQ: IMPP)

This is a familiar energy play that’s definitely a former runner. Based in Greece, the stock saw a run-up into the mid-$7 range in March when the Russia-Ukraine war caused the energy sector to jump. 

Recently, IMPP announced that it would acquire two Suezmax Tankers. The news, along with some forward-looking statements, caused the stock to rally on Friday.

It closed up 38.38% at $0.55. While it’s not a huge rally compared to some in the past, it was in the top 5-10 percent gainers. 

If it continues to pop on Tuesday, the $0.60 range to the $0.65 range are the next key levels to hit or break past. 

Conclusion

Every market comes with a unique set of opportunities. The key is knowing when to use which one. It takes time and experience to understand the difference. 

That’s why it helps to learn from veteran traders who’ve been through it all. And when it comes to trading pros, one of the first that comes to mind is Mark Croock.

He’s teaming up with veteran trader and teacher Tim Sykes to present the first-ever Shadow Trades Summit. You don’t want to miss this one-time event where Mark will share the secret strategy that helped him bag 2x, 5x, and even 10x moves.

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