7 Stocks on the Cusp of a Major Move Higher

InvestorPlace2022-09-21

These stocks to buy have heavy tailwinds and solid fundamentals. Plug Power (PLUG): Has moved up around 60 percent in the last two months. SunPower (SPWR): Has rallied very sharply since the end of ...

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Usually, I’m in the latter group.\nOnce in a while, however, I do like to purchase equities as they’re rising. Consequently, I know a few methods of determining which stocks to buy that are on the cusp of major moves higher in the short-and-medium terms.\nAn important rule for momentum investors is pretty obvious: Stocks that have gone up recently are, all else being equal, likely to continue doing so for a while longer. That’s particularly true of those names that have climbed despite declines in the stock market.\nAdditionally, equities that have advanced significantly on above-average trading volumes and those that have surpassed their key moving averages are likely to continue climbing.\nAlthough I’m not a big fan of charts, I do consider equities that have shown an inverted head-and-shoulders pattern or have had one recently and kept rising as good stocks to buy.\nWhen I put on my “momentum trading hat,” I like to buy sectors and/or stocks the Street likes. Finally, as always, I like to find stocks to buy whose companies have good fundamentals.\n\nPLUG\nPlug Power\n$26.82\nSPWR\nSunPower\n$26.87\nRIVN\nRivian\n$37.92\nLKNCY\nLuckin\n$17.95\nNFLX\nNetflix\n$244.52\nENPH\nEnphase\n$308.78\nFSLR\nFirst Solar \n$134.27\n\n\n\n\n\n\nPlug Power (PLUG)\nSource: Shutterstock\nPlug Power (NASDAQ:PLUG), which markets hydrogen-powered forklifts and is becoming a leading global producer of green hydrogen,  has certainly benefitted from recent climate legislation. Since July 27  the shares shot up roughly 60%, versus the S&P 500’s slight decline during the same period.\nPlug’s shares are well above their 50-day of  $24.42 and their 200-day moving average of $23.46.\nOver the last six months, PLUG stock has clearly formed a reverse-head-and-shoulders pattern. Meanwhile, since mid-July, the shares’ daily trading volume has routinely exceeded 20 million. That was a fairly unusual occurrence in June.\nPLUG is very well-positioned to benefit from many governments’ embrace of green hydrogen and from the hydrogen tax credit for hydrogen within the energy and health bill.\n\n\n\n\n\n\nSunPower (SPWR)\nSource: IgorGolovniov / Shutterstock.com\nSunPower (NASDAQ:SPWR) stock has rallied very sharply since the end of July, jumping nearly 65%. SPWR specializes in selling solar panels to homeowners.\nSPWR stock is currently well above its 50-day of $22.33 and its 200-day moving average of $19.70. Moreover, the shares have, like PLUG, formed a reverse head-and-shoulders pattern.\nOn the fundamental front, the deployment of rooftop solar panels has been very strong this year in the U.S. and Europe. With government policies becoming more friendly to residential solar in both regions, that trend should only accelerate.\n\n\n\n\n\n\nRivian (RIVN)\nSource: James Yarbrough / Shutterstock.com\nRivian (NASDAQ:RIVN) stock has exploded 84% higher since the end of May. During the same period, the S&P 500 was down slightly. Rivian makes and sells electric trucks.\nRivian trades above its 50-day moving average of $34.60, but is still meaningfully below its 200-day moving average of $49.19.\nOn the daily volume front, Rivian never exceeded 30 million shares on any day between May 17 and August 1. Conversely, its volume has been above that level on four days between since Aug. 2 including a huge trading day on  Sept. 16, when 70.4 million shares of the stock changed hands.\nAs far as fundamentals are concerned, the EV maker’s partnership with Daimler’s Mercedes-Benz, announced on Sept. 8, looks to be a game-changer. In addition to giving RIVN another partner with deep pockets (along with Amazon (NASDAQ:AMZN)), the deal increases Rivian’s respectability. The agreement also provides Rivian with an important foothold in the large European auto market.\n\n\n\n\n\n\nLuckin Coffee (LKNCY)\nSource: Robert Way / Shutterstock.com\nLuckin (OTC:LKNCY) stock has jumped 38% since July versus the S&P 500’s gain of less than 2% during the same period. Unsurprisingly, the shares were trading well above their 50-day and 200-day moving averages of $15.29 and $11.57, respectively.\nThe company owns and operates hundreds of coffee shops and a coffee delivery business in China.\nSince June, Luckin’s trading volume has picked up noticeably. Prior to that month, its daily trading volume rarely exceeded 2 million shares; since that month, the metric has gone over 2 million shares quite regularly. Before June, its volume was frequently below 1 million, and since June 1, that phenomenon has occurred fairly rarely.\nOn the fundamental side, the company’s balance sheet has greatly improved, as LKNCY “fully redeemed $110M worth of senior notes to help it reduce its interest cost” on Aug. 26. The move indicates that the company’s financial position is relatively strong, while it’s upbeat on its own longer-term outlook.\nReacting to this development, Quo Vadis Capital analyst John Zolidis wrote that Luckin now has very little debt, and he expects it to have about $1 billion cash as of the end of 2022.\n\n\n\n\n\n\nNetflix (NFLX)\nSource: Riccosta / Shutterstock.com\nNetflix (NASDAQ:NFLX) has jumped about 45% in May while the S&P 500 fell by less than 1% during the same period.\nAs of the market close on Sept. 19, NFLX stock was trading above its 50-day moving average of $224.42, but well below its 200-day moving average of $324.02.\nTurning to fundamentals, the Street is excited about the company’s decision to launch an ad-supported tier for the first time next year.\nOn Sept. 19, Oppenheimer analyst Jason Helfstein upgraded NFLX stock to “outperform” from “perform.” The analyst thinks that the move will cause the company’s subscribers and average revenue per user to jump while decreasing the number of people who give up the service.\n\n\n\n\n\n\nEnphase (ENPH)\nSource: IgorGolovniov / Shutterstock.com\nEnphase (NASDAQ:ENPH) stock has jumped about 130% since May, versus a decline of less than 1% for the S&P 500 during the same period, making it one of the best stocks to buy on the upswing.\nEnphase sells inverters and energy storage solutions used in conjunction with solar energy deployments.\nFrom May 4 to July 20, ENPH stock completed a reverse-head-and-shoulders pattern, and the shares have continued to climb upwards subsequently. On the fundamentals front, in Q2, the company’s U.S. revenue surged 66% year-over-year, while its sales in Europe soared a very impressive 89% year over year.\n\n\n\n\n\n\nFirst Solar (FSLR)\nSource: IgorGolovniov / Shutterstock.com\nFirst Solar (NASDAQ:FSLR) stock has soared 125% since May, while the S&P 500 fell less than 1%. Between June 3 and July 26, FSLR stock completed a reverse head-and-shoulders pattern, and the shares have pretty much risen continuously since then.\nFirst Solar makes and markets solar modules used in large-scale solar energy projects. The company “already has a solar module factory in Ohio, and it’s building another, large solar module plant in the state.”\nAs of the market close on Sept. 19, FSLR was trading well above its 50-day moving average and its 200-day moving average of  $106.48 and $83.92, respectively.\nOn the fundamental side, the company is exceptionally well-positioned to benefit from strong incentivization for the domestic manufacturing of solar panels in the energy law.\nOn the date of publication, Larry Ramer owned shares of Plug Power, Rivian, and Luckin.  \n\nLarry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2022/09/7-stocks-to-buy-on-the-cusp-of-a-major-move-higher/.\n©2022 InvestorPlace Media, LLC\n\n\n\n\n\nSponsored Headlines\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\tMore from InvestorPlace\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tMarket Analysis\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tThe Ultimate Explosive “Sleeper” Tech of 2023\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Luke Lango\n\n\t\t\t\t\t\t\t\tSep 20, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tMarket Analysis\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tTrading Opportunities: How to Prep for the Fed’s Announcement\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy John Jagerson and Wade Hansen\n\n\t\t\t\t\t\t\t\tSep 20, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tCrypto & Blockchain\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tThe Key SEC Decision That Could Send the XRP Crypto Soaring\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Brenden Rearick\n\n\t\t\t\t\t\t\t\tSep 20, 2022","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2269813119"}