Welcome back to a new week.
Last week was a brutal one for the markets.
All indexes closed lower…
Both the S&P 500 and the Nasdaq fell below their 200-day moving averages…
As well as closing below the psychological levels of 4,200 for the SP 500 and 13,000 for the Nasdaq.
The Fed meets this week, and while Powell has indicated they’re most likely to keep rates on hold…
What he says in the post-meeting press conference will have a big impact on where the markets go next.
Still, there’s good news…
Because right now, most analysts are saying that the market is now highly oversold – and could be due for another short-term bounce anytime now.
And this means that the stocks that were already defying the market downturn could surge even more…
Which presents some fast-moving opportunities we can take advantage of.
Uranium Energy Corp. (UEC)
UEC has been on an absolut tear since June, and is now trading near all-time highs. From a price action perspective, it has also managed to maintain its 21-day moving average, which indicates a highly positive short-term trend.
And with uranium prices surging again thanks to major economies continuing to embrace nuclear power – all amid limited supply – look to this stock to continue to surge no matter what else is happening in the broader market.
Weatherford International plc (WFRD)
WFRD is a giant in the oil field services space – and its stock has been another top performer. It’s now sitting near-all time highs, and much like UEC, has just reclaimed its 21-day moving average, which serves as a strong base of support for the stock to further rise.
Beyond its price action, WFRD just reported its third-quarter earnings, which came in slightly above expectations. It also raised its full-year outlook further on expected higher revenue growth. Combine this with the base formed by its price action, and you have a solid recipe for further gains in this high-flying stock.
International Seaways, Inc. (INSW)
Seaborne crude transporter INSW has had a choppy year, with the stock peaking in March 2023 before falling steeply till July, then shooting up till mid August, then trading in a very choppy sideways motion since then.
But last week, the stock finally broke past the resistance level established by said sideways motion – and it did so on above average volume. This is a classic sign of a breakout stock, and with macro conditions also supportive of O&G shipping stocks in general, makes INSW a prime candidate to round out this list.
To your wealth,
Felix @ Ace of Investing
