HomeMost PopularTech StocksMonday Momentum: 3 Stocks Pulling Back in an Uptrend

Monday Momentum: 3 Stocks Pulling Back in an Uptrend

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Are you ready to stay one step ahead in the market this week? Welcome to Momentum Mondays, where we dive into the leading breakout stocks, analyze the major market events on the horizon, and equip traders with valuable insights for profitable trading.

In this edition, we will take a close look at the recent performance of the broad stock market indexes, examine the economic calendar for potential market-moving data, and highlight three compelling technical trade setups in stocks with top Zacks Ranks.

Earnings Season Begins

This week, we can expect a flurry of earnings reports that will greatly impact market action. Notable companies like Bank of America (BAC), Goldman Sachs (GS), Tesla (TSLA), Procter and Gamble (PG), Netflix (NFLX), Taiwan Semiconductor (TSM), Philip Morris (PM), and American Express (AXP) are scheduled to announce their earnings. These reports will be critical in shaping market sentiment and direction for the week ahead.

Broad Market Overview

Last week, geopolitical tensions in the Middle East had many traders on edge. However, contrary to expectations, the markets have remained relatively calm. In fact, history has shown that the market often surprises us by rallying even in the face of rising geopolitical tensions. With an abundance of bullish catalysts in play, I believe there is significant room for this market to continue its upward momentum for the remainder of the year.

Furthermore, the spike in fear at the end of last week created an attractive opportunity to buy leading stocks that have recently pulled back. This pullback presents an opportunity for traders to enter positions in these stocks at more favorable levels.

Image Source: TradingView

Trade Setups

This week, let’s focus on some of the trade setups from the past couple of weeks that are still leading the market. These stocks have experienced pullbacks, making them even more attractive for traders looking for profitable opportunities. Take a look at the setups in Amazon (AMZN), Copart (CPRT), Dell Technologies (DELL), and Costco (COST).

Image Source: TradingView

Bottom Line

Remember, even the best trading setups can fail. While these stocks have several bullish catalysts working in their favor, it’s crucial to have a trading plan in place and prioritize prudent risk management. Always know your maximum potential loss on a trade and respect your stop losses.

Wishing you the best of luck and success in your trading this week!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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