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For the week of June 24 – Stock Mentions: SPY, NFLX, TSLA, AMD, BYND, ROKU
Michael Kramer and the clients of Mott Capital own TSLA and NFLX
Stocks had a solid showing this week, and that is likely to continue when the week of June 24 starts. However, there is the potential for a minor pullback. The chart below shows that we are in the early stages of what may be a rising wedge pattern. It would suggest that the index continues to rise through June 26 and then set up for a potential pullback, which could result in a drop to around 2,940. (See Premium content: Stocks May Still Have Further To Rise)
It would certainly not be the worst scenario. I wouldn’t mind a drop to around 2890 either, allowing for a gap fill.
Netflix (NFLX)
Netflix pieced together a solid showing this week and appeared to have broken free of its falling wedge. For now, $378 is the upper end of the range. But what may be more critical is that the relative strength is breaking free of its downtrend and that may be the essential aspect from NFLX this week.
AMD (AMD)
I’d be careful with AMD the week of June 24 because the long term downtrend is breaking on the RSI. Meanwhile, the uptrend on the RSI is now breaking too. That means AMD may see $25.70 in the future.
Roku (ROKU)
Roku is falling out of its rising wedge, and I think that means the stock is starting its decline. I’m not saying the stock falls to zero, just $94. We can see the RSI has now turned lower too.
Beyond Meat (BYND)
Beyond Meat fell below $154, and that means $124 is next.
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Tesla (TSLA)
Tesla is still struggling at the downtrend, which has me concerned that TSLA may head back to $205. I’m on the fence now. We need some positive news to push the stock over resistance.
Have a good Saturday.
-Mike
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.
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