How’s it going, traders? Happy Saturday! It’s Bryce here.
Did y’all catch the action on Fortune Friday? The S&P closed in the green for the fourth straight week in a row. And the slew of ideal setups for traders continues to play out.
Speaking of play, did you see my magic card tricks last week? I’m not kidding. I pulled out all the stops and I brought out my Rubik’s cube too. You can watch me get my nerd on before I talk shop right here.
Matt’s got a deeper breakdown of the S&P action, along with his favorite crypto play for the coming week in tomorrow’s watchlist.
In the meantime, I’m gonna share three of the most interesting setups I see for potential breakouts on Money Monday…
Allego NV (NYSE: ALLG)
Call me a romantic but I’ve still got my eyes on this stock. Who doesn’t want to trade a company that sounds like the word allegro? Just kidding, I never fall in love with a stock!
But I do still have hope that it could rebreak out. I showed you its beautiful bull flag chart on Wednesday’s Small Cap Recap. I was hoping for a dip and rip above $6 on Thursday but it retraced about 50% of its gains instead.
Friday action saw it close at $5.34, up 50.42% on the day, bringing it very close to that $5.50 level where it’s had a lot of activity.
On Monday, look for that break above $6. But make sure it proves itself first. The next price targets are $6.75-$7 and $7.50-$8.
AN2 Therapeutics Inc. (NASDAQ: ANTX)
ANTX reported earnings and provided business updates on Thursday that had a positive effect on the stock. They’re making their way through clinical trials of a key product.
The stock came very close to breaking its 52-week high of $23.58 on Friday. It reached an intraday high of $22.56, then it closed at $19.38, up 64.66% on the day.
Here’s what I really like about it: it’s breaking out of a deep base. $18.82 is the closing high from May 6th that it had to close above for a true breakout, and it did.
Look for continuation on Money Monday … a break above Friday’s high would be ideal, after a pullback. It is volatile though so keep size small to be safe.
Twin Vee Powercats Co. (NASDAQ: VEEE)
This was one of the top runners on Fortune Friday AND it was a Breaking News Chat alert. That algorithm often picks the best plays.
So what’s got people so excited about a boat company? VEE reported second-quarter earnings on Friday and traders found something to cheer about.
VEEE closed at $7.10, up 77.50% on the day, but it reached an intraday high of $8.40. It also popped more than $2 past the closing price to about $9.22 in after-hours before pulling back to the $8 key level.
Look, this thing is definitely overextended, but that can make it a potential dip buy. Wait for it to pull back to its proven support levels around $8 and $8.50. If it holds support, you buy for a small bounce up to its previous highs.
When the stock market pops, it tends to leave short sellers in the dust. And that’s what’s happening right now. This creates uncommon opportunities for long-biased traders that know how to play the game.
If you see stocks popping off left and right but you haven’t been catching them at the right time, give the Small Cap Rockets Chat Room a shot and see if we can help you solve that problem.
My guess is that you’ll want to stick around after the trial, but there’s no pressure to do so. Learn how to catch the best moves here!
Growing A Small Trading Account? Check this Out
When multi-millionaire trader Mark Croock first started trading, he was an overworked and underpaid accountant…
So he knows what it’s like to start small while wanting to massively grow your wealth as quickly as possible.
That’s why he just recorded a step-by-step training that reveals what he believes is the best options trading method for someone trading with a small account.