Daily Spotlight Stock Watchlist for November 7, 2023

Welcome to another edition of The Daily Spotlight! We're excited to provide you with our daily stock watchlist featuring potential trading opportunities for the day.

But first…

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Stock Pick 1: GLD

GLD - SPDR Gold Trust

Hopefully you entered this one and held it last week when we first brought it to your attention, but incase you didn’t here’s another chance. GLD has closed a full candle below the 9 day moving average and, as you can see, the RSI and MACD are both confirming the downtrend. This is an excellent spot to take out a short position.

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Stock Pick 2: OSG

OSG - Overseas Shipholding Group, Inc.

Before you read any further, can you look at the chart and tell me why OSG made the list? If you can, hit the reply button and let me know. If you can’t, hit the reply button and tell me that you don’t know.

OSG had a good run, but became oversold as it was entering the Lux Algo sell zone. Now that we’re seeing a bearish crossover coming on the MACD to confirm, we expect OSG to trend down over the next few days.

Stock Pick 3: HNRG

HNRG - Hallador Energy Company

Looking at HNRG for a short, but be careful on your entry with this one. We’ve got a series of full candle closes below the 9 day moving average and, as you can see, the RSI and MACD are both showing very bearish patterns. My only concern is that this moves too quickly in pre-market or at market open and you get in too late to get a good entry on your short. I’d shoot to get in above $12.95; otherwise, don’t chase.

Stock Pick 4: MMYT

MMYT - MakeMyTrip, Limited

Still some room to the upside here. MMYT has closed a full candle above the 9, 20 and 50 day moving averages. With the RSI below 60 and the MACD just now confirming a bullish move, this has all the makings of a good swing upwards.

Stock Pick 5: FUTU

FUTU - Futu Holdings Limited

FUTU checks all the boxes. We’ve closed candles above all of the significant moving averages. RSI is heading in the right direction, but not overbought yet, so we’re good there. The MACD is confirming a bullish crossover here. This should make a solid move up to $64.00, but if it breaks out above the ascending triangle this is another homerun like we saw several times last week.

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Protect Your Investments with Stop Losses:

One of the fundamental principles of successful trading is risk management, and a crucial tool in your toolkit is the use of stop losses. In the volatile world of the stock market, where prices can fluctuate rapidly, stop losses act as a safety net for your investments. By setting stop losses, you are taking control of your risk, ensuring that even in the event of unexpected downturns, you protect your capital. It's a proactive approach that can help you navigate the ups and downs of the market with confidence, providing peace of mind and enabling you to make more informed, rational decisions. Remember, the key to successful trading is not just about maximizing gains but also safeguarding against losses, and stop losses are a powerful strategy for achieving that balance.

We encourage you to share your thoughts, experiences, and feedback with us. Your insights and questions are always valued.

If you have any questions or need further information about these picks, please don't hesitate to reach out.

Happy trading, and we look forward to sharing more profitable opportunities with you in the days ahead!

Best regards,

Nic

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DISCLAIMER: Important Information Regarding Our Newsletter:

Not Financial Advice: The content provided in this newsletter is for informational purposes only and should not be considered as financial advice. The stocks mentioned here are based on our opinions and research. It is essential to conduct your research and consult with a qualified financial professional before making any investment decisions. 

Risks Involved: Investing in stocks involves substantial risk, and the value of your investments may fluctuate. You could potentially lose a significant portion or all of your invested capital. Please be aware of the risks associated with trading and investing in the stock market.

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