Rivian (NASDAQ: RIVN) stock has exploded 84% higher since the end of May. Finally, as always, I like to find stocks to buy whose companies have good fundamentals. When I put on my “momentum trading hat,” I like to buy sectors and/or stocks the Street likes. That’s particularly true of those names that have climbed despite declines in the stock market.Īdditionally, equities that have advanced significantly on above-average trading volumes and those that have surpassed their key moving averages are likely to continue climbing.Īlthough I’m not a big fan of charts, I do consider equities that have shown an inverted head-and-shoulders pattern or have had one recently and kept rising as good stocks to buy. Consequently, I know a few methods of determining which stocks to buy that are on the cusp of major moves higher in the short-and-medium terms.Īn important rule for momentum investors is pretty obvious: Stocks that have gone up recently are, all else being equal, likely to continue doing so for a while longer. Once in a while, however, I do like to purchase equities as they’re rising. All rights reserved.Years ago, I heard Leon Cooperman, widely viewed as a legendary investors, say that there are two types of stock investors: those who like to find stocks to buy that are rising and those who like to buy equities on weakness. Benzinga does not provide investment advice. PreMarket Prep Stock Of The Day: JPMorgan If the decline were to continue based on the daily charts, the next support level comes in at its Sept. 4 low ($10.56). ET, it breached its September 8 low ($11.11), reaching $10.92 before bouncing back into the lower $11 handle. It has been straight down since the open and as of 12:30 p.m. With that being said, the issue more than tripled over the last four months and this could be a much-needed pullback along with others in the sector or is the rally over. Moving Forward: It's never a good sign when an issue declines on good news, such as the case in today’s session. The first one being the company was advancing on its green hydrogen network to source 100% renewable energy for Brookfield Renewable in North America its plan to develop a green hydrogen network to using wind power for Apex Power and the signing of a MOU with Linde for the demonstration of fuel-cell-powered on-road vehicles. It lost the $13 level on Tuesday, falling to $12.93, and got whacked along with the rest of the sector on Wednesday declining to $12.08.ĭespite three positive announcements before the open, the issue is deep in the red. Market Headwinds: The issue ended last week at $13.56 and slipped on Monday to $13.36. The momentum took the issue to $14.35 in August and matched that high this month, reaching $14.20, but now is retreating with the overcharged sector. The rebound was muted, reaching $4.21 by the end of May, but nearly doubled in June to $8.21 as the electric vehicle phenomena kicked into high gear. After a strong start in 2020, it reached $6.05 in February but succumbed to market forces in March, falling to $2.53, and resumed it up move once again. Good Times Are Here Again: In 2019 the issue grinded higher, peaking in November at $4.04 and retreated to end the year at $3.16. See Also: Plug Power CEO Andy Marsh On Why He Expects Fuel Cells To 'Dominate' By The End Of The Decade
The reversal off the high didn't end until December 2018, when the issue fell to $0.99 and ended the year at $1.24. It mounted a major rally in 2014, reaching $11.72 on the heels of fuel cell mania that was sweeping Wall Street.
The bear market culminated in February 2013 at $0.12 and one of its reverse-splits revived the issue.
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