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Here is a list of the current companies that I am watching for quick-trade set-ups. Since this is the first ever quick-trade blog post, I am going to keep it fairly simple and post just the companies that look the best at present. By that I mean that they look the most promising for a potential "buy" this week. I have a longer list of companies that look promising as well but many of them will likely take more time to develop into good set-ups. If some of those start to look good, I will mention them as we move forward.
Keep in mind that after a nice extended rally, the TSX has been showing weakness in recent weeks. The US indexes, which were quite oversold, bounced pretty hard this past week, but the Canadian indexes did not really follow suit. We will see how this plays out but the current effect is that there are fewer trade set-ups than I'd like to see and many of them are in counter-cyclical sectors (which aren't necessarily affected by a weak economy), like precious metals for example.
I should also mention that I expect this portion of the subscription service to evolve over time as I figure out the best way to provide subscribers with timely set-ups and other useful information to improve their short-term trading. So here's the list, followed by a few charts:
CIA - Champion Iron
CLIQ - Alcanna Inc.
DOL - Dollarama
EGLX - Enthusiast Gaming Holdings
FLY - Flyht Aerospace Solutions
GCM - Gran Columbia Gold Corp
HQD, HSD, HXD - Horizon's double shorts (Nadaq, S&P, and TSX)
HUT - Hut 8 Mining
IBG - IBI Group
ITP - Intertape Polymer Group
JWEL - Jaimeson Wellness
LABS - Medipharm Labs Corp
LXE - Luecrotta Exploration
MAXR - Maxr Technologies
N - Namaste Technologies
OGI - Organigram Holdings
PGM - Pure Gold Mining
QST - Questor Technology
T - Telus
WTE - Westshore Terminals
USA - Americas Silver Corp
QST is slowly breaking sideways across its recent short-term down-trend. I am now looking for price to make a definitive move upwards. A close below the 50 DMA would nullify the potential break-out and would also be the stop-loss area.
PGM has already broken out. It could be bought here with a stop below the break-out area just below the 50 DMA. A safer stop would be a the recent low below 50 cents but that would mean taking on more risk.
LABS could be bought on a break upwards from the current support zone with the stop-loss immediately below the zone of lateral support.
HQD, HSD, and HXD all look similar because they are inverse ETFs of the NASDAQ, the S&P 500 and the TSX, respectively. Basically these trades all amount to a bet that current market weakness will continue. I would only buy them on a hard reversal upwards (drop in general markets) and would have the stop-loss immediately below the reversal low.
I am looking for EGLX to eventually resolve upwards out of this zone of consolidation. It could be bought anywhere in this current area, although it would be safer to wait for another solid up day (and possibly a new high). A close below the 50 DMA would be the stop-loss.
FLY has been in a slow up-trend and has recently been correcting (note the short-term down-trend). A solid break above that down-trend would be a buy signal. The stop-loss would be the 50 DMA which as been a reliable area of support historically.
GTT has been a little erratic but the 50 DMA still in a nice up-trend. The last two candlesticks suggest that a break-out is possible. If it breaks out, the stop-loss would be under the recent consolidation zone. Like the other gold mining stock (PGM), whether these continue upward will depend on whether the price of gold continues to rally from here.
CIA is in a beautiful up-trend since January. If it breaks out of above this short down-trend, it could bought and the stop-loss would be below the reversal area.
Happy Trading!
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