Author: Ian Cooper

Chart Spotlight: Dollar General (DG)

Posted on by Ian Cooper

Investors may want to keep an eye on discount retailers, like Dollar General (DG).

For one, the latest pullback may be a great buy opportunity.

If you take a look at this chart, you’ll notice that Williams’ %R, Fast Stochastics, and RSI are all starting to pivot well off oversold conditions. With patience, I’d like to see the Dollar General stock retest $260 resistance, near-term from $241.65 support.

DG Chart With Trade Triangles

Source: MarketClub

Two, while other major retailers take a hit with inflation, Dollar General is rising because of inflation. In fact, we can see that with the company’s recent earnings report.
 
Not only did Dollar General report second quarter EPS of $2.98, which was better than the expected $2.94 a share, sales were up to $9.4 billion, same-store sales were up 4.6% as compared to expectations for 3.9%. The company even increased its same-store sales forecast to a range of 4% to 4.5% for the fiscal year, from a prior call for 3% to 3.5%.

Three, wealthier people are now shopping at dollar stores because of inflation.

According to Business Insider, Todd Vasos, CEO of Dollar General, said on a call with analysts that the store saw a rise in higher-income households shopping there, "which we believe reflects more consumers choosing Dollar General as they seek value." Continue reading "Chart Spotlight: Dollar General (DG)" →

Chart Spotlight: ChargePoint Holdings Inc. (CHPT)

Posted on by Ian Cooper

With demand for electric vehicles on the run, investors may want to keep an eye on charging stocks, like ChargePoint Holdings (CHPT).

Remember, not only do global leaders want millions of EVs on the road, California is about to prohibit the sale of gas-powered cars.

“The rule, issued by the California Air Resources Board, will require that 100 percent of all new cars sold in the state by 2035 be free of the fossil fuel emissions chiefly responsible for warming the planet, up from 12 percent today. It sets interim targets requiring that 35 percent of new passenger vehicles sold in the state by 2026 produce zero emissions. That would climb to 68 percent by 2030,” according to The New York Times.

For that to become a reality, we need EV charging stations – lots of them.

In fact, the Biden Administration already announced that all 50 U.S. states, Washington, D.C., and Puerto Rico have all submitted plans for a national EV charging network.

“These plans are required to unlock the first round of the $5 billion of Bipartisan Infrastructure Law formula funding available over 5 years to help states accelerate the important work of building out the national EV charging network and making electric vehicle charging accessible to all Americans,” according to the U.S. Department of Transportation.

ChargePoint Holdings Stock Technically Oversold

It's all part of the reason why oversold shares of CHPT are starting to pivot higher. All after pulling back from about $19 to $14 thanks to a broad market pullback. Even better, the stock is oversold on Williams’ %R, Fast Stochastics, and RSI.

CHPT Chart With Trade Triangles

Source: MarketClub

Continue reading "Chart Spotlight: ChargePoint Holdings Inc. (CHPT)" →

Chart Spotlight: Tesla (TSLA)

Posted on by Ian Cooper

Shares of Tesla (TSLA) just split 3:1 and now trades around $300 a share.

From here, the EV stock could accelerate well above $900 again, near-term - all thanks to substantial catalysts.

According to MarketClub, the short- and intermediate-trends are positive. The RSI, Fast Stochastics, and Williams’ %R are all pivoting well off recent lows.

TSLA Chart With Trade Triangles

Source: MarketClub

Electric vehicle demand is only accelerating. Not only do global leaders want millions of EVs on the road, California is about to prohibit the sale of gas-powered cars.

In fact, “The rule, issued by the California Air Resources Board, will require that 100 percent of all new cars sold in the state by 2035 be free of the fossil fuel emissions chiefly responsible for warming the planet, up from 12 percent today. It sets interim targets requiring that 35 percent of new passenger vehicles sold in the state by 2026 produce zero emissions. That would climb to 68 percent by 2030,” according to The New York Times.

Historically, investors love TSLA stock splits. The last time TSLA split – in August 2020 – the stock price surged 60% from the day of the announcement until its execution. Continue reading "Chart Spotlight: Tesla (TSLA)" →

Chart Spotlight: Canadian Solar (CSIQ)

Posted on by Ian Cooper

Over the last few weeks, I highlighted a few opportunities with Chart Spotlight.

  • On July 13, for example, I highlighted Generac Holdings (GNRC), as it traded around $212. It’s now up to $265.50.
  • On July 26, I highlighted Albemarle (ALB), as it traded at $224. It’s now up to $280.15.
  • On August 3, I highlighted Marathon Digital Holdings (MARA), as it traded around $13. It’s now up to $15.26, and could still move higher with Bitcoin.
  • On August 5, I spoke about Tellurian (TELL), as it traded at $3.15. It’s now at $4.35.

With the help of the screeners at MarketClub, that’s not bad at all.

Today, I'm taking a look at solar stocks, like Canadian Solar (CSIQ), which MarketClub is rating with a strong +100. Not only is this an indication of a strong long-term trend, it’s also telling us the intermediate and short-term trend is up for CSIQ, as well.

In fact according to the Chart Analysis Score, at a +100, CSIQ is in a strong uptrend that is likely to continue. With short-term, intermediate, and long-term bullish momentum, CSIQ continues to climb. MarketClub's most recent green monthly Trade Triangle occurred on August 5 at $38.18.

CSIQ Chart With Trade Triangles

Source: MarketClub

Continue reading "Chart Spotlight: Canadian Solar (CSIQ)" →

Chart Spotlight: Target Corp. (TGT)

Posted on by Ian Cooper

With millions of kids heading back to school in just weeks, investors may want to keep an eye on oversold retailers like Target Corp. (TGT).

TGT Chart Analysis

Source: MarketClub

Granted, Target hasn’t been popular among investors.

After all, the stock collapsed on an earnings miss. EPS came at $2.19, which was short of expectations. Revenue came at $25.17 billion. Analysts were expecting sales to come in at around $24.49 billion.

“Throughout the quarter, we faced unexpectedly high costs, driven by several factors, resulting in profitability that came in well below our expectations, and where we expect to operate over time,” Target Chief Executive Brian Cornell added.

It’s why the TGT stock plummeted from about $207 to a low of $140.

But the pullback has become overkill, creating a solid opportunity.

TGT Chart With Trade Triangles

Source: MarketClub

For one, according to the MarketClub tools, the intermediate and short-term trends are moving in the right direction. MarketClub is showing green weekly and daily Trade Triangles, which is an indication of further short term upside in the beaten-down retail stock. Continue reading "Chart Spotlight: Target Corp. (TGT)" →