• David Yocum

Stock Chart of the Week - 9/6/22 to 9/9/22

Given the recent volatility in the market, I expect this upcoming week to be slightly quieter. Of course, we will see what the market gives us, but I likely do not plan on entering too many new positions instead just holding some of my current plays. Here are my current short-term charts of $SPY, $QQQ, and $IWM


 

This week's Top Chart of the Week goes to $IMXI. After coming off an aggressive move to the downside, I think we may look to find support here at this key price zone. We posted a nice hammer last Thursday and also wicked off this zone on Friday. The weekly EMAs that have held this trend are still in tact. It is important to note price has undercut the daily EMAs however as mentioned, these weekly EMAs have held price nicely.

The best part of this trade is the risk/reward from this point. A stop under this zone would be no more than -2.5%. Another key factor in why I like this longer-term trend is the company's fundamentals and relative strength. Here are IBDs current rankings:


 

Want to see more charts for this upcoming week? Check out my weekly watchlist on Youtube here


 

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