Today, Keith Richards commented about whether BRK.B-N, SIL-N, ARX-T, ENB-T, POWL-Q, TD-T, BBD.B-T, CPX-T, BTE-T, VRN-T, IMG-T, WELL-T, LB-T, OIH-N, ZMT-T, F-N, EFX-T, BB-T, TLT-Q, BN-T, XBTUSD-CUR, SJ-T, NVDA-Q, CSU-T, RDDT-N, CNC-N are stocks to buy or sell.
(Note the short timeframe.)
There are 2 levels of resistance, and we're at one right now. Next one is up around $350. He's the timing guy, so he has to decide if he wants to hold past this current resistance levels. He'll talk to his fundamental strategist about that. It's definitely not for new money.
Bought in his conservative strategy when all the analysts on the street hated it. Stock has a definite bottom, and he bought near that for a swing trade. Now at, or near, the top. His target was $31 -- obtained, as that was the level of support in late 2022 and mid-2023. Today it's around $29.50, so he's on the verge of selling.
Could move a bit higher, as the banks tend to move as a group until the end of December. Might get another $1 out of it. "Bulls make money, bears make money, pigs get slaughtered." Once it hits $31, he's out.
Has a lid on it going back 3 years. There is no right or wrong answer, but when you're coming into an old resistance point, you have to have a catalyst to get through. Remember, people sold (didn't like) this stock at that peak level (around $5.50). And now it's approaching that level.
If there's a catalyst to break through, it will, but keep in mind that it has to be a pretty big catalyst. If there's not a huge change to the company, he'd probably look to sell really soon.
Likes it. If he remembers correctly, gold's seasonality is around the end of the year, but then has a more positive summer season from July-Nov/Dec. You can see how the latter part of the year's been very good for gold. Glad to see the pullback, as it provides an opportunity and takes out the overbought position. Might go sideways for a while.
Oil hasn't been the best place. Best time to own oil or its producers is from March to early summer. Most of the producers have been in a sideways trap. This one has broken down, that's bad. If you own it, give it a chance. But if it doesn't start showing consistent up-and-down range-trading behaviour, don't hold for too long. See his Top Picks.
Without question, a parabolic chart. Nothing wrong with that (up is good, down is bad), but technical indicators on a weekly chart probably say it's pretty overbought. Look at the 200-day MA, and if the stock's too much over 15% then you know it's overbought. Doesn't mean that today it pulls back, but does mean that it's ripe. How much it pulls back is the question, could go sideways.
Be cautious as to how much more profitability in the near term.
Great-looking chart. Had a long base of 2-3 years, which was ripe for swing trading. But now it's broken out, and that's good news. Parabolic move in a very short time, from $7.50 to $12.50, and it will take a break. When it does, that would be another great entry point as it might pull back. Doesn't think it will break the old neckline of $10.