28 Aug Weekly Swing Trade Ideas and Market Forecasts Report
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Weekly Stock Market Forecasts, Charts, and Swing Trading Ideas List and Strategies Report
Week of August 29th 2022
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General Market Summary plus Swing Trade Ideas List:
Updated Banister Market and Elliott Wave Views on SP 500 and more and weekly swing trade updated ideas list is at bottom of this report
SP 500: Abrupt drop on Friday was difficult to forecast chart wise, so we will see how we trade this week.
Markets were generally bullish and appearing to be in the early stages of a bullish wave 5 up to uptrend highs in time, but Friday’s Powell speech as we all know threw a wrench into the plans for now. With the abrupt sell off, the patterns are for sure in question. In the SRP Stock Swing Trade service we were cutting positions over the past 1-2 weeks and or taking profits this week on both BVNRY and SIGA for example, along with 1/2 profit on CCRN before the drop Friday as well.
With the market in uncertainty mode here near term, I am seeing mostly Energy Related plays staying on my Swing Trade ideas list, and we had several winners on the upside last week as well.
The 4 positions still open at SRP are still showing relative strength, two new positions last week are doing well regardless of the Friday sell off (CCRN spiked late in the week and we took 1/2 of the trade off for 8-10% gains). That said, we will see how trading starts out Monday before adding positions, although I like a lot of ideas in this weeks Swing Trade Ideas list at bottom of this report.
3x Service was looking strong with rebounds in LABU and TQQQ until Friday, we got washed out of the TQQQ trade abruptly and are barely long LABU going into Monday
SP 500 Futures service hit for 44 point profit that we closed Thursday on the upside before the drop.
SP 500 Chart: 4060 area key, then 3900 if that breaks hard
QQQ ETF: 294 area possible if we do not rebound sharply off the Friday close at 307 area
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Swing Trade Ideas with a combination of strong fundamentals and attractive behavioral pattern charts combined. List is updated every Sunday, names removed if they broke out to the upside strongly and or broke down. New names added, many names repeated if still in a bullish pattern. A lot of stocks will pull back harshly right before a big breakout reversal, so be advised
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Updated List 8/29/22- Updated list for the near term and intermediate window ahead based on sectors, individual stock fundamental strength, and Banister Behavioral Patterns lining up for strong probable upside.
MOS, CCRN among last weeks winners even with the hit late Friday market wise
Lots of energy names again taking over the list
NFE- Back on the list, after soaring 17% off the list not long ago. 3 weeks tight closing pattern often leads to another surge higher. Operates as an integrated gas-to-power company that develops
and constructs energy infrastructure assets.
CRK- Has been creeping higher, and now 3rd week in row on list after breaking to upside off the list two weeks ago. 6 week ascending pattern as it completed a correction in July with Energy stocks and now making a comeback. Engaged in the exploration and production of oil and natural gas reserves primarily in Texas and Louisiana.
DQ- Back on the list, nice 8 week consolidation. China-based company that manufactures and sells polysilicon to
photovoltaic product manufacturers.
MTDR- Another energy play. 5 week overall consolidatoin and 13 day recent consolidation looks bullish. Engaged in oil and gas exploration and production in areas of Texas/Louisiana. PE 7 and year over year profit growth was 240%.
ESTE- 7 weeks ascending pattern, still well below 2022 prior highs but moving up. Engaged in oil and natural gas exploration and production in North Dakota. PE 6
CMC- 3 week consolidation with tight closing prices not far off highs. PE 6. Manufactures steel/metal products/related materials/services for construction/manufacturing. 11 day base as well is possibly bullish here.
TALO- Inched up last week off the list here, after 4 weeks of tight closings, energy play. Engaged in exploration and production of oil and natural gas in the Gulf of Mexico. PE 8, revenue up 71% year over year
ACLS- 2nd week in a row on the list, spiked up last week off this list then pulled back late in week. PE 17 and strong growth. Manufactures ion implantation, dry strip and other processing equipment used in the fabrication of ICs. Pulled back Monday, needs to hold 68 area.
ON- Back on list after pullback. Would like it to hold 70.60 area on a closing basis. Manufactures power, analog, digital signal processing, mixed signal, advanced logic and data management ICs
VNOM- 5 week consolidation looks bullish. Limited Partnership acquires and develops oil and natural gas
properties in Permian Basin in West Texas.
CNQ- 3 weeks tight closings could push higher soon. Canadian co engaged in oil and gas exploration and production in
Western Canada, North Sea and West Africa. PE 6
BRP- 2nd week in a row on the list. 3 weeks tight closings pattern bullish. If it holds 31.30 area this could be a nice swing. Risk of drop to 29.25 area if that breaks, so keep eyes on it, would likely be good entry though under 29. Brokers insurance products and offers risk management and consulting services to 9,00,000 clients worldwide. Averaging 47% year over year profit growth last 3 quarters. PE 34
MNTK- 2nd week in a row on list. As long as 16.70 holds we are good here. Develops, owns and operates renewable energy projects utilizing landfill methane. Revenues up 114% year over year. Profitable.
PFHC- Back on the list, Post IPO base, broke out off the list but now pulling back. As long as 20 holds its bullish. Pressure pumping Co, provides hydraulic fracturing services with equipment, manufacturing and distribution.
CPRX- On the list again this week, broke out early last week then got an analyst downgrade, recovered, then market hit a bit on Friday. 3 weeks tight closings still looks bullish overall. Develops prescription drugs for neuromuscular and neurological diseases and disorders. 54% growth PE 19
CRK- 3rd week in row on list, breaking to upside on Monday 8/22. 7 week ascending pattern as it completed a correction in July with Energy stocks and now making a comeback. Engaged in the exploration and production of oil and natural gas reserves primarily in Texas and Louisiana.
MTDR- 3 weeks tight closings, looks like it could push higher. PE 7. Engaged in oil and gas exploration and production in areas of Texas/Louisiana
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