Last week, most of the meme stocks, including Reddit, Trump Media & Technology Group, AMC, and GameStop, plummeted after the S&P 500 Index dropped following the release of the March CPI report.
S&P 500 Index (SPX) retreated amidst growing economic uncertainties and investor anxiety over inflation figures.
As we know, many meme stock investors have a much shorter time horizon in mind as they look to quickly flip speculative assets if the price spikes to turn a hefty profit. However, the risk of investing in meme stocks is more like a betting.
Today, we will look in a few meme stocks analysis:
To begin, let's start with AMC. For such stock, no point to look into its fundamental at this moment. From its technical chart, the stock experienced an obvious down trend as predicted last week. New low goes lower, again and again. Never catch such falling knife as you won't know where is the bottom. There is no doubt for me to vote $AMC Entertainment(AMC)$ for next week.
AMC daily chart
Next, the super penny $Faraday Future Intelligent Electric Inc.(FFIE)$ . I wonder why this stock is still listed in the market. The company received a notice from Nasdaq in December 2023, warning that the company shares were at risk of a delisting. Since then, the company share price remained weak and continued to plunge. Technically, we can observe a clear downtrend parallel channel in FFIE technical chart. As long as the share price moves within this parallel channel, it will be bearish until it escapes from this channel. Super bearish stock to stay away!
FFIE daily chart
How about Rivian? A much better EV maker if compared with FFIE. The share price closed at a record low after breaching it's double bottom support at around 10 USD. I strongly believe $Rivian Automotive, Inc.(RIVN)$ will continue to drop for incoming weeks. Moreover, Ford recently cut pricing for its EV, F-150which competes with Rivian's R1T. More price competition isn't what investors want to see now.
RIVN daily chart
Recently, oil price continues to surge, similar to Warren Buffett's $Occidental(OXY)$ . Occidental Petroleum is simply bullish by looking at its chart. Big respect to Buffett for his good catch even at this age. He believes the demand for oil and gas will remain strong despite the increased use of renewable energy. Secondly, I guess he thinks that carbon capture technology could be a game-changer. Carbon dioxide can be injected into oil fields to enchance oil recovery for example.
OXY daily chart
Last but not least, let's finish with $Coinbase Global, Inc.(COIN)$ . Cryptos are extremely bullish since early this year. Currently most of them are in healthy pullback stage. I believe crypto will regain its momentum after Bitcoin halving event, therefore I am optimistic with crypto related stock like COIN. The technical chart also show a new high low formed two days ago, which might signify a possible end of correction.
COIN daily chart
Well, will you invest in meme stocks? Have you make a profit from these stocks and never loss back to the market? Come and share your experience in meme trading!
@TigerStars @CaptainTiger @MillionaireTiger @Tiger_comments @Daily_Discussion @TigerSG
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