It will be a busy week with earnings coming from some big companies such as Cisco, Nvidia, and Walmart. Also, we will have some significant data with CPI and PPI. Layer on some Jay Powell, and one never knows what twists and turns away.
However, I’m not expecting anything significant, and I think the market will continue to grind its way higher, as I noted yesterday. Regardless, here some more stock market predictions for the week of November 11 to cap off your Sunday.
Nvidia is very close to the target we laid out a few weeks ago, but based on the charting, the stock appears to be forming a rising wedge, a bearish reversal pattern. It is one that would suggest the stock falls in the days following results, perhaps to $188. But this is a dynamic situation, and I will have to keep close tabs on the stock during the week.
Cisco is another tough call, with earnings. The stock has made it back to $49, which was the target we laid out a few weeks ago. I think the stock continues its trend higher following results, especially with the RSI moving higher, potentially sending it back to $51.
Roku probably rebounds this week and fills the gap back to $135.
Beyond Meat (BYND)
Maybe this will be the week that Beyond Meat fills a gap too, and heads back to $100.
Caterpillar broke a significant downtrend and resistance in the past few weeks. Now the stock appears it may be heading back to $157.
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.