Two Charts, Three Buys and a Fourth Attempt
Planet Labs and Evolv both sit at critical technical areas. Here’s my trading plan.
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Since early July, shares of Evolv Technologies (EVLV) have been trying to break out (unsuccessfully) from a Rising Wedge pattern of bullish reversal. Since then, the stock has lost contact with both its 200-day simple moving average (resistance) and its 50-day SMA. The swing crowd appears to have at least put up a fight at the 21-day exponential moving average.
Should this line hold, another run at resistance could be very possible. Otherwise, a $5 downside target would be realistic. That said, the daily moving average convergence divergence is currently bullishly postured with all three components set up correctly for an upside move (my opinion).
For Planet Labs (PL), holding on to that 200-day SMA is paramount to making the apparent Double Bottom pattern of bullish reversal that I have drawn up for you below, stick. The $10,000 Portfolio sold 10 shares of PL at $28.35 on July 1. This morning, we’ll buy those back at a discount.
Understand that neither Relative Strength nor the daily MACD is in a good place. This addition’s success is reliant upon professional managers defending the stock at the thin red line and technical traders seeing the Double Bottom.
Wednesday’s Intentions
– Sell 15 shares of RXT at $5.25. Limited price.
– Purchase 10 shares of PL at or close to the last sale of $25.70.
– Purchase 10 shares of EVLV at or close to the last sale of $6.25.
– Purchase 10 shares of INSG at or close to the last sale of $8.17.
Tuesday’s Intentions vs. Tuesday’s Actual Trades
– Sell 15 shares of RXT at $5.25. Limited price.
– Nothing Done.
– Purchase 10 shares of VELO at or close to the last sale of $12.35.
– Bought 10 shares of VELO at $12.50.
– Purchase 25 shares of ONDS at or close to the last sale of $6.98.
– Bought 25 shares of ONDS at $7.08.
Current Positions
Long 150 shares of ALTO at $5.51. Target Price: $8. Last sale: $5.55.
Long 70 shares of EVLV at $5.8746. Target Price: $8.50. Last sale: $6.25.
Long 20 shares of INSG at $8.82. Target Price: $11. Last sale: $8.17.
Long 200 shares of OCUL at $8.271. Target Price: $11. Last sale: $9.76.
Short one OCUL $11 Sep 18th call at $1.65, Last sale: $0.82.
Short one OCUL $9 July 17th call at $0.90. Last sale: $2.23.
Long 300 shares of ONDS at $8.6489. Target Price: $14. Last sale: $7.42.
Long 20 shares of PL at $27.8225. Target Price $46. Last sale: $25.70.
Long 35 shares of RXT at $6.4529. No Target Price. Last sale: $4.74.
Long 145 shares of SOFI at $15.9559. Target Price: $24. Last sale: $18.67.
Short one SOFI August 21st $20 call at $1.02. Last sale: $1.09.
Long 30 shares of SWBI at $15.74. Target Price: $19. Last sale: $15.19.
Long 70 shares of VELO at $13.4723. Target Price: $18. Right Now. Last sale: $12.96.
Cash: $662.10.
Portfolio Value: $10,631.74, +6.3% from inception on March 24th.
At the time of publication, Guilfoyle was long ALTO, EVLV, INSG, OCUL, ONDS, PL, RXT, SOFI, SWBI and VELO.
