Happy Sunday, Traderade family! There's two stocks I'm going to be watching for long trade opportunities in the week ahead. These ideas are based on a combination of strong fundamentals and favorable technicals.
Denbury (DEN) has a strong uptrend intact, has broken above the 20-day and 50-day moving averages, and is showing strong relative strength vs the price of oil. The company also boasts robust fundamentals.
Denbury operates on the US Gulf Coast and in the Rocky Mountains, so there are minimal domestic risks.
I would look at entering the trade during the week ahead with a price target of $94 over the next several weeks. I would stop out below the 20-day moving average.
WWE just successfully wrestled with its lower trend line and is breaking out against its 20-day and 50-day moving averages. Its resilience vs the broader market is very impressive.
The profitable entertainment company has a great technical setup for a visit back to $79. I would stop out below the 20-day moving average. I am looking for the trade to play out over about 3-4 weeks. Or else I would exit if it has not.