Week 2: Stage analysis top picks

This alert contains list of stocks showing relative strength in comparison to broader market and also attempting Stage 2 breakout.

What is a Stage Analysis? Learn here

It's good to start a long term positions in the stocks which are attempting stage 2 breakout, and may start a new uptrend.

Following are the top picks of the month that are attempting Stage 2 breakout.

All charts are on weekly timeline, We use weekly timeline for stage analysis and finding long term trends.

Uber Inc: Long UBER above $28

Uber bounce off from Stage 1 support at $24 and now trading above 30 week moving average. Volume is not picking up, but last 4 weeks has positive volume. If you decide to trade Uber keep a stop around $24.

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Workday Inc: Long WDAY above $160

Workday is also our pick for Portfolio 2023.

WDAY tried its first breakout attempt and continue trading above 30 week moving average. Until volume picks up it may continue trade sideways. But good opportunity to start a long term position.

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Chewy Inc: Long CHWY above $40

Chewy chart is also looks very similar. Keep stop loss at $30.

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Wix.com Ltd: Long WIX above $75

WIX chart is similar to above 3 charts, with the difference that it has no overhead resistance until $250. Once WIX starts an uptrend, it's only going up.

But right now volume is drying up and until volume is not accelerating above average, keep a strict stop loss around $70 or stage 1 support.

Note: This is not our buy list. See Portfolio 2023 for current holdings.

-Alpha Staff